EUROZONE FEB RETAIL SALES -0.8% M/M (= FCST); JAN +0.8%r M/M

EUROZONE FEB RETAIL SALES -3.0% Y/Y (FCST -3.5%); JAN -1.8%r Y/Y

• Eurozone retail sales contracted by -0.8% m/m in the February data, in line with consensus expectations.
• Sales fell by -3.0% y/y, 0.5pp better than anticipated, albeit signalling five consecutive months of y/y contractions. Germany alone posted a substantial -7.0% y/y drop in sales.
• Automotive fuels fell by -1.8% m/m, whilst non-food products sales declined by -0.7% m/m.
• Looking forward, eurozone economic confidence edged down in March, with retail outlooks remaining broadly stable with again tentative signs of purchasing intentions improving.
• Whether this will translate into positive growth in the near future remains uncertain.