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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.
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As we noted earlier, Eurozone retail sales are set to continue slowing into the end of the year, with a confluence of factors including higher overall prices, sagging disposable income, and weaker consumer confidence.
- After failing to grow in volume terms in 4 of the past 6 months, Eurozone retail sales continue to drift and are below their pre-pandemic trend.
- Private consumption is one of the many areas in which the eurozone economy is underperforming the US's post-pandemic.
- US retail sales volumes have been fairly flat over the past 6 months too, but remain around 7% above pre-pandemic levels.
- The broader picture is that US demand remains above-trend and is only slowly coming down amid tighter monetary policy. This still-elevated demand is the driving force behind US inflation pressures.
- The case for excess demand driving eurozone inflation is far less clear-cut.
- While eurozone monetary policy will have to tighten further, the ECB doesn't have as far to go as the Fed.
Source: Eurostat, US Census Bureau, MNI
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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