EUROZONE DATA: Retail Sales Continue To Stagnate On June Levels

Eurozone real retail sales came in in line with expectations in October on the sequential reading, at 0.0% M/M (0.0% cons) following an upwardly revised September (0.1%, revised from -0.1%). On a bigger picture, Eurozone retail sales continue to stagnate since June.

• Across sectors, October saw food, drinks, tobacco at 0.3% M/M (-0.2% Sep), Non-food products (excl. car fuel) at -0.2% (0.0% Sep) and car fuels at 0.3% (0.0% Sep). None of these categories saw a major directional trend over the last couple of months.
• Across countries, the "big 4" countries were on the weaker side this time sequentially: Germany was -0.3% M/M (0.3% Sep), France -0.1% M/M (0.0% Sep), and Spain 0.0% (0.4% Sep) while Italy data is currently missing.
• The overall Y/Y print was 1.5% in November, a little higher than consensus of 1.5%, after 1.2% in October (revised from 1.0%). Across categories, non-food products (excl. fuel) continue to be the strongest on a yearly comparison, followed by car fuels which have picked up again after a weak August.
• Looking ahead, the EC ESI read on in November: "Retail trade confidence improved (+1.2 points to -5.7) on the back of retailers’ significantly better assessment of the past business situation, only partly offset by deteriorated expectations about the future business situation. The assessment of stocks remained largely unchanged."