Retail Sales Increased in Jun

EZ JUN RET SALES +5.7% M/M, +1.3% Y/Y; MAY +20.3% M/M

• Sales rise for the second successive month, but slightly below expectations (BBG: 6.3%)
• M/M May sales have been revised up to 20.3% from 17.8%, while y/y retail sales are revised up by 2pp to -3.1%
• Eurostat noted that trade volumes have returned to levels recorded in Feb before the start of the containment measures
• Annual sales posted the first positive reading since Feb, growing by 1.3%
• Food sales eased marginally by 2.7%, while non-food product sales expanded by 12.1% and auto fuel sales jumped 20.4% m/m in Jun
• Whithin non-food products, textiles, clothing and footwear saw the largest m/m gain, rising by 20.4%.
• Among the member states, the biggest m/m increases were recorded in Ireland (21.9%), Spain (16.5%) and Italy (13.8%), while the only declines were seen in Austria (-2.5%) and Germany (2.2%).