We may have seen June retail sales in the Eurozone hit a 7 year high annually yesterday, but a round of July retail PMI’s from Markit says that next month’s data might come in much softer. Germany especially has taken a big hit.
Eurozone retail sales PMI 06 08 2014
Delving down the details don’t look too hot either.
Eurozone retail PMI breakdown 06 08 2014
To be honest I didn’t even know there were retail PMI’s so I’m not sure how much bearing we can attach to the eurostat retail numbers. If I get a chance I’ll have a look back over the previous data to see if there is any correlation. The eurostat data lags this PMI data so any clue we can get may give us a trading opportunity in the future.