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Retail Sales Weaker In August

ITALY

Italian retail sales printed at -0.4% M/M (vs 0.0% cons; +0.4% prior) and +2.4% Y/Y (vs +2.8% prior). This was unsurprisingly not a market mover.

  • The release notes that the largest Y/Y fall came from electric household appliances and audio-video equipment (-6.9% Y/Y).
  • Overall, the annual data highlights a continued softening in goods demand from January (where sales were +6% Y/Y).
  • BTPs trade weaker alongside Bunds, Gilts and USTs, with the 2s10s curve bear steepening to trade 2.6bps wider at 90.2bps.
  • The spread of 10-Yr Bund/BTP spread is 0.5bps wider at 201.7bps.

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