BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

EZ/UK T-Bill Calendar: Italy, UK Auction on Friday

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Wedge Between Nominal And Real Retail Sales Should Fall In The Coming Months

ITALY DATA
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Italian real retail sales fell 0.3% M/M SA (vs -0.1% prior) in April, while nominal sales fell 0.1% M/M SA (vs a two tenths downwardly revised -0.2% prior).

  • On a 3m/3m basis, real sales fell 0.4% in April, now the 21st consecutive negative monthly reading for this series.
  • The wedge between the nominal and real sales indices grew to 12.1 points (vs 11.9 prior and a 2023 average of 10.9).
  • We would expect this wedge to stop widening in the coming months, with core HICP continuing to moderate and the strong labour market helping underpin household consumption.
  • ISTAT retail sentiment also remains above the long-run average, although it has fallen in the last two months to 102.8 (vs 104.5 in March).
  • Food sales again drove the weakness of the overall index in April, falling 0.7% (vs -0.8% prior). Non-food sales also fell 0.1% as in March.

156 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.

Italian real retail sales fell 0.3% M/M SA (vs -0.1% prior) in April, while nominal sales fell 0.1% M/M SA (vs a two tenths downwardly revised -0.2% prior).

  • On a 3m/3m basis, real sales fell 0.4% in April, now the 21st consecutive negative monthly reading for this series.
  • The wedge between the nominal and real sales indices grew to 12.1 points (vs 11.9 prior and a 2023 average of 10.9).
  • We would expect this wedge to stop widening in the coming months, with core HICP continuing to moderate and the strong labour market helping underpin household consumption.
  • ISTAT retail sentiment also remains above the long-run average, although it has fallen in the last two months to 102.8 (vs 104.5 in March).
  • Food sales again drove the weakness of the overall index in April, falling 0.7% (vs -0.8% prior). Non-food sales also fell 0.1% as in March.