- Howard Archer, chief UK and European Economist at IHS Global Insight.
Eurozone's retail sales dropped in July, as consumer demand was hit by deepening economic crisis across the region. Retail sales fell by a seasonally adjusted 0.2% from June, when they rose 0.1%, official data showed on Wednesday.
"The weaker trend in consumer spending is mainly due to declining real disposable incomes, reflecting slower labour income, fiscal austerity measures, and higher inflation," said Greg Fuzesi, an economist at JP Morgan, in a recent research note.
"Falling retail sales in July adds to the Eurozone's economic woes, indicating that consumer spending is likely to be poor again in the third quarter," said Howard Archer, Chief UK and European Economist at IHS Global Insight.
The Stoxx Europe 600 Index gained 0.14 per cent to 265.85. Germany's DAX Index advanced 0.28 per cent to 6,983.99 and France's CAC 40 Index rose 0.35 per cent to 3,417.59.
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