Germany factory orders slides -2.9% MoM vs 0,5% exp. growth expectations and -1% fall in previous reading
UK Retail Sales MoM (August): 0.6% (Forecast 0.2%, Previous 0.9%)
- Core retail sales: 0,5% MoM vs 0,3% exp. and 0,6% previously
UK Retail Sales YoY: 1.1% vs 1.3% exp. 1,7% previously
Data from Germany disappointed, with industrial orders falling by -2.9% month-on-month in August, while the market had expected a moderate increase of 0.5%. The result confirms the weakness of the German industry, which continues to struggle with limited external and internal demand, as well as high financing and energy costs. This raises concerns about further deterioration in the outlook for the largest economy in the eurozone in the second half of the year.
Better data came from the United Kingdom. Retail sales increased by 0.6% month-on-month in August (forecast: 0.2%), and core sales amounted to 0.5% compared to the consensus of 0.3%. However, the year-on-year dynamics indicate a slowdown, with growth reaching only 1.1% compared to the expected 1.3% and 1.7% in July. This suggests that consumption remains relatively resilient, although the pressure of high interest rates and living costs is increasingly limiting the potential for further recovery.
Source: xStation5
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