Hungarian retail sales for June came out better than expected

Review Yesterday, Polish unemployment and retail sales for July were published. Unemployment came out as expected, inching up slightly to 10.8% in July, from June’s 10.7%. But the big surprise was the retail sales figure, which rose well above anyone’s expectations by 5.7% y/y, beating the consensus forecast of 1.4% y/y. Such a strong outcome is puzzling, especially given the ongoing deterioration in the labour market. Hungarian retail sales for June came out better than expected, dropping

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Canada retail sales rose 1.0% in June

News and views US equities opened strongly after solid performances from the Asian bourses, but with little of substance to sustain the move, profit taking set in. Dampening the mood, Suntrust Banks’ chairman said US lenders faced more credit losses and commercial real estate may falter through 2010. The S&P500 is unchanged at the close, but banks are down 2.5%. Commodities struggled to make further gains, consolidating near their recent highs. US 10 treasury yields made a 7 day high of

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Retail sales in New Zealand gained adding to signs of recovery

Retail sales in New Zealand came opposing forecasts today as it gained during June in a slower pace compared with May and on quarterly basis it inclined for the first time in seven quarters. Increasing unemployment is still pressuring income levels and leading to lower consumption that affect retail trade badly. Monthly retails sales inclined by 0.1% during June compared with a prior revised 0.7% from 0.8% back in May, and the reading came opposing forecasts that referred to a drop by 0.3%.

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The Australian housing sector showed more improvements and retail sales declined opposing forecasts

The housing sector in Australia showed further improvements as today a report showed houses prices inclined exceeding forecasts. Monthly retails sales declined opposing forecasts as household spending weakened after unemployment reached 5.8% in June. House prices in Australia climbed 4.2% in the second quarter compared with a prior decline by 2.2% and the reading came exceeding forecasts that referred to 2.0%. On the yearly record, houses prices fell 1.4% in the second quarter compared with a

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Latvian retail sales dropped a staggering 5.1% m/m in June

Review Latvian retail sales dropped a staggering 5.1% m/m in June (seasonally adjusted and in constant prices). That equates to a drop of 29.1% y/y in June – significantly worse than our expectation of -23.9% and a clear deterioration relative to -26.0% y/y in May. The very weak number is unfortunately a confirmation that there is no stabilisation in domestic demand in Latvia yet. Further, given these very weak figures, we consider it likely that Latvian GDP has dropped at least as much as in

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Japan retail sales fall 3%

TOKYO – JAPANESE retail sales fell more than expected in June from a year earlier, suggesting that worsening job and income conditions were offsetting the positive effects on spending of government stimulus measures.

The outlook for consumption is weak with summer bonus payments likely to fall from last year’s levels, which may add to downward pressure on prices as Japan suffers its second spell of deflation in a decade.

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Falling retail sales in Japan affected by increasing unemployment rate

Retail trade in Japan showed today the 10th consecutive decline to signal one of the obstacles facing the economy in the way out of the worst financial crisis since the great depression. Falling retail trade came as a result of weak consumption and deteriorating domestic demand. Monthly retail trade in Japan declined by 0.3% in June compared with a previous 0.0% that was revised to 0.1%, the reading came worse than forecasts as it was expected to incline by 0.4%. as for yearly retail trade it

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Polish retail sales grew by 0.9% y/y in June

Review Polish retail sales grew by 0.9% y/y in June – down from 1.1% y/y in May, but better than the consensus expectation of 0.5% y/y. Polish retail sales hence continue to slow, but are still holding up surprisingly well given the continued deterioration of the labour market situation. Yesterday, we published our macroeconomic update for Poland taking the latest macroeconomic data into account. See Macro Monitor: Poland ). The minutes from the latest Monetary Policy Council (RPP) meeting in

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British retail sales rise in June

LONDON – BRITISH retail sales jumped in June as heavy discounting and sunny weather boosted consumer demand despite the recession, official data showed on Thursday.
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UK retail sales beat expectations

European Market Update: UK retail sales beat expectations; USD and JPY maintain soft tone on continued rise in risk appetite ECONOMIC DATA – (FR) French Jul Business Confidence Indicator: 78 v 77e; Own-Company Production Outlook: -14 v -12e; Production Outlook Indicator: -40 v -38e – (SP) Spain Jun Producer Prices M/M: 0.5% v 0.8%e; Y/Y: -5.0% v -4.7%e – (SW) Swedish Jun Unemployment Rate: 9.8% v 10.2%e – (DE) Danish Jul Consumer Confidence Indicator: -3.2 v -5.5 prior – (NV) Netherlands May

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