According to analysts at TD Securities, a raft of euro area data this morning paints a mixed picture of the economy.
Key Quotes
“Euro area GDP growth and the unemployment rate came in as expected, with 2018Q4 GDP growing 0.2% q/q while the unemployment rate held steady at 7.9% in December.”
“Italian GDP figures showed that the country entered a recession in the second half of last year, with -0.2% q/q growth in 18Q4. French HICP inflation for January came in as expected at 1.4% y/y, while Spanish inflation surprised to the downside slightly at 1.0% y/y.”
“The volatile German retail sales indicator fell a whopping 4.8% m/m in December, its largest monthly decline since 1981, while the German unemployment rate held steady at 5.0% in January.”
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