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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
German Retail Sales for November came in lower than expected at -2.5% M/M (vs -0.5% cons and 1.3% prior, revised from 1.1%) and -2.4% Y/Y (vs -0.5% cons and -0.1% prior).
- While the report was undoubtedly weak, retail sales are a volatile series subject to revisions, however; we will have to wait for December data (and perhaps even final revisions to that data) to draw final conclusions on Christmas retail activity.
- Christmas sales shifted forward in recent years due to special offers, according to the German federal statistics office.
- In isolation alone, November sales were weak at -3.1% Y/Y for non-food items. Even from a broader perspective, though, retail sales volumes have been weak for the past two years, with levels now back to where they were around five years ago. For the year 2023 up to and incl. November, the real retail sales series was-3.8% lower compared to 2021.
- Overall, the data series is suggestive of subdued German consumer demand continuing through Q4.
MNI, Destatis
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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