Retail sales across the single currency zone rise but fall short of forecasts as cost pressures continue to drag on consumer activity.
EU area retail sales advanced by 0.1% over the month of October, just below estimates of an 0.2% increase. This marks only the second time retail sales have risen on a month-on-month basis in 2023, with the other monthly prints either flat or negative.
From a high-altitude view you could be persuaded that perhaps this is a sign that inflation pressures are finally receding for consumers, but when viewed up close, many of the bigger EU economies are actually still seeing negative retail sales growth, with France, Spain and Portugal all negative over the month. It was only the likes of Sweden, Germany and eastern European nations that helped the number into positive territory.
The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information. Past performance is not an indicator for the current or future development.