MNI EXCLUSIVE: Interview with ECB's Simkus

• This week will see a combination of drivers for UK markets – the highlight of the data calendar will see the release of activity data on Friday while US inflation data on Thursday will be the main external event of the week.
• We have already received the KPMG-REC Report on Jobs this morning, which continued to show the labour market moving further away from tightness. We look at this and the DMP data in more detail.
• UK activity data due on Friday (including monthly GDP) is expected to show a bit of a rebound after the weak -0.2%M/M October print. We also look ahead to this.
• We also look at what markets have priced in and look ahead to this week's issuance operations.

On a monthly basis, Eurozone volume of retail trade was down -0.3% M/M in November (vs -0.3% M/M consensus, +0.4% M/M revised prior from +0.1% M/M). The upward revision to the October data saw the Y/Y print come in a slightly higher than consensus at -1.1% Y/Y (vs -1.5% Y/Y consensus, -0.8% Y/Y revised prior from -1.2% Y/Y).

• All subcomponents except fuel saw a fall in volume of retail trade M/M with "Non-food products (except automotive fuel)' partially reversing October's gain (-0.4% M/M vs +1.0% M/M prior), as well as reductions in "Food, drinks tobacco".
• Of the major eurozone members: Germany saw the biggest M/M decline (-2.5%) while France (+0.4%), the Netherlands (+0.1%) and Spain (+1.5%%) all saw monthly increases.

• MNI: EUROZONE NOV RETAIL SALES -0.3% M/M, -1.1% Y/Y