MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (1/2)

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Retail Sales Unlikely To Improve Notably In The Months Ahead

EUROZONE DATA
Data BulletDataHomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

Eurozone February retail sales were -0.7% Y/Y WDA (vs -0.8% cons). January’s reading was revised 0.1pp higher to -0.9% Y/Y. On a monthly basis, sales were -0.5% M/M SA (vs -0.4% cons, 0.1pp downwardly revised 0.0% prior).

  • All major subcomponents saw negative growth on an annual and monthly basis, though sales of non-food products rose to -0.1% Y/Y (vs -0.7% prior).
  • At a country level, Germany saw the largest M/M fall in sales volumes (-1.9% M/M), while Belgium saw the largest Y/Y fall (-6.8% Y/Y).
  • Retail sentiment in the EC’s business survey has been in contractionary territory for over 2-years now, though the March reading improved a touch to -5.7 (vs -6.6 prior).
  • However, expected orders from the EC’s survey fell to -8.0 (vs -7.3 prior) in March, leaving little optimism for a pickup in sales volumes in the coming months.
  • Analysts currently expect Eurozone Q1 household consumption at 0.7% Y/Y, above the 0.4% Y/Y forecast seen in late-2023.


169 words

To read the full story

Close

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.

Eurozone February retail sales were -0.7% Y/Y WDA (vs -0.8% cons). January’s reading was revised 0.1pp higher to -0.9% Y/Y. On a monthly basis, sales were -0.5% M/M SA (vs -0.4% cons, 0.1pp downwardly revised 0.0% prior).

  • All major subcomponents saw negative growth on an annual and monthly basis, though sales of non-food products rose to -0.1% Y/Y (vs -0.7% prior).
  • At a country level, Germany saw the largest M/M fall in sales volumes (-1.9% M/M), while Belgium saw the largest Y/Y fall (-6.8% Y/Y).
  • Retail sentiment in the EC’s business survey has been in contractionary territory for over 2-years now, though the March reading improved a touch to -5.7 (vs -6.6 prior).
  • However, expected orders from the EC’s survey fell to -8.0 (vs -7.3 prior) in March, leaving little optimism for a pickup in sales volumes in the coming months.
  • Analysts currently expect Eurozone Q1 household consumption at 0.7% Y/Y, above the 0.4% Y/Y forecast seen in late-2023.