SPAIN DATA
Spanish real retail sales turned positive on a 3m/3m SWDA basis in May, rising 0.1% (vs -0.1% in April and -0.4% in March). Overall, the still-subdued nature of retail sales is consistent with the European Commission's (EC) retail survey, which remained only just above its long-run average in June.
- Retail sales were 0.2% Y/Y (vs 0.7% cons, 0.3% prior), though consensus was formed of just three analysts.
- Looking at the Spanish EC survey more broadly, overall sentiment ticked up to 102.4 (vs 101.3 prior), with sentiment rising in all sectors other than construction.
- Construction confidence fell by a marked 17.1 points to -1.1 (vs 16.0 prior), driven by a pullback in expected employment to -11.3 from 22.9. We note however that the construction expected employment series is very volatile.
- Ahead of tomorrow’s flash June inflation data: Services expected prices reached the highest since February at 21.4 (vs 21.0 prior), while industry and retail expected prices fell.
- Analysts expect Spanish flash HICP inflation to moderate to 3.5% Y/Y in June (vs 3.8% prior).
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