- Olivier Bizimana, an economist at Morgan Stanley
Eurozone retail sales rose unexpectedly in May, but the trend remains sluggish. Retail sales in the 17-nation bloc advanced 0.6 per cent, after declining a negatively revised 1.4 per cent in April, said the European Statistics Office (Eurostat) on Wednesday.
"Europe's debt crisis is likely to have a lasting impact on consumption," said Olivier Bizimana, an economist at Morgan Stanley in a note to clients.
"Consumers are facing falling net worth and lingering economic uncertainty. The sovereign debt crisis has dented households' financial wealth in core Europe," he said.
Stocks closed lower the same day. The Stoxx Europe 600 Index slid 0.02 per cent to 257.33. Germany's DAX Index fell 0.20 per cent and France's CAC 40 Index erased 0.11 per cent. The U.K.'s FTSE 100 Index declined 0.06 per cent to 5,684.47.
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