Wednesday December 3, 10:22 AM
INSTANT VIEW 2-Euro zone Oct retail sales fall 0.8 pct m/m
Dec 3 (Reuters) - Euro zone retail sales fell much more than
expected in October, underlining weak consumer demand in the
recession-hit economy and adding to arguments for a deep ECB
rate cut on Thursday.
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Table: Story
KEY DATA
EMU-15 OCT SEP AUG JUL JUN MAY
Total retail M/M -0.8 0.0 0.1 0.3 -0.8 0.6
Y/Y -2.1 -1.4 -1.7 -1.5 -3.2 0.3
MARKET REACTION
* For any foreign market reaction click on. For more
details of currency market moves see.
* For any bond market reaction, click on
ECONOMIST COMMENTS
HOLGER SCHMIEDING, BANK OF AMERICA (NYSE: IKJ - news) :
'Once again, these data were on the worst side of consensus,
but no real surprise in that. Retail sales in the euro zone have
been trending down since roughly 2007 and now the October data
seem to suggest the downturn is getting worse.
'It means another argument, if another one is needed, for
the ECB to cut aggressively. We think they will do 75 basis
points. We think they are sensible people.'
LINKS
For further details, Reuters 3000 Xtra users can click on:
http://europa.eu.int/comm/eurostat/
For a one-page snapshot of real-time G7, euro zone and Swiss
economic data releases, click on
Keywords: EUROZONE ECONOMY/RETAIL
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