- The biggest drag came from petrol stations, where sales fell 9.1% m/m after a fuel discount that had been in place in May and June expired. On a year-over-year basis, petrol station sales were down 9.3%.
- The non-food segment also looked weak, with sales falling as much as 4.8% m/m.
- Also somewhat concerning, online and mail-order sales declined 5.6% m/m and 0.8% y/y.
- Real food sales fell more moderately, by 0.8% m/m and 0.3% year over year.
- Overall retail sales were 2.5% lower in July than a year earlier.
The data suggest that weakness in the German consumer remains an important issue for the economy. Part of the July decline was admittedly one-off in nature, linked to the expiry of the fuel discount, but the broad weakness in non-food retail and e-commerce shows that the pressure was not limited to fuel alone.
DE40 (D1 interval)
The DAX futures contract is falling for a second consecutive session and has moved back below 26,200 points. Nevertheless, despite the weak start to the week, the contract remains within an upward price channel, while investors’ reaction to rather worrying signals from the industrial sector, which continues to face pressure from high energy costs, appears relatively calm.
Source: xStation5
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