EU CONSUMER STAPLES: Nestle: 3Q Results (x2)

Advance retail sales growth (0830ET) is seen slowing in August to 0.2% M/M, from 0.5% prior, all on a nominal seasonally-adjusted basis - though this is largely driven by weaker auto sales.

• Indeed, the ex-auto and ex-auto and gas sales are seen at 0.4% M/M each (accelerating from 0.3%/0.2% prior). That accords with the Chicago Fed's CARTS estimate for ex-auto sales in the month of 0.4% M/M (0.1% M/M in "real" terms when adjusted for inflation).
• The expected pullback is explained largely by industry data: Wards Automotive Group reported 16.07M (annualized) light vehicle sales in August, a little under the 16.10M expected and a pullback from 16.41M in July.
• Otherwise, retail sales growth looked fairly healthy in then month, at least on a nominal basis (Redbook same-store sales rose 6.1% Y/Y in August).
• The GDP-input Control Group, which excludes auto sales among other categories, is seen relatively elevated at 0.4% (0.5% prior).

FFX5 paper paid 96.125 on ~4.7K. Comes after FFV5 saw paper pay 95.945 on ~6.7K.

• GBP750mln have been on offer.
• This leaves GBP34.113bln of the gilt in issue.