Market Updates

German Confidence Declines, Dutch Economy Expands 0.2%

Arthi Gupta
24 Sep, 2012
New York City

    German business sentiment declined for the fifth month in a row in September. Hungarian retail sales declined in July. The Dutch economy expanded in the second quarter. Italian non-EU deficit narrowed in August.

[R]2:30 PM Frankfurt – German business sentiment declined for the fifth month in a row in September. Hungarian retail sales declined in July. The Dutch economy expanded in the second quarter. Italian non-EU deficit narrowed in August.[/R]

German Confidence Falls

German business sentiment fell for the fifth month in a row in September, according to survey results from Ifo Institute released today.

The business climate index, based on a monthly survey of 7,000 firms fell to 101.4 in September from 102.3 in August.

The index for current situation dropped to 110.3 in September from 111.1 in August.

Hungarian Retail Sales Drop

Hungary''s retail sales declined 2.6% from a year ago in July, following a 1.7% drop in June, data from the Hungarian Central Statistics Office showed.

Annually, the sales volume in food, drinks and tobacco stores decreased 2.4%, while that in non-food retail dropped 2.5%.

On a monthly basis, retail sales slipped 0.4% in July after staying flat in June.

Dutch Economy Expands

The Dutch gross domestic product expanded a calendar and seasonally adjusted 0.2% sequentially in the second quarter, in line with the preliminary estimates, final data released by the Central Bureau of Statistics showed.

On an annual basis, gross domestic product decreased 0.4% in the second quarter, following a 0.8% contraction in the first quarter.

Separately, the mood among Dutch manufacturers deteriorated in September. The producer confidence indicator fell to -6.7 in September from -4.6 in August. In the preceding four months, producer confidence had remained fairly stable.

Italian Non-EU Deficit Narrows

Italy''s merchandise trade deficit with countries outside the European Union narrowed in August, preliminary data released by statistics office Istat showed today.

Exports to non-EU countries increased 14% and imports increased 0.7% in August compared with the same month of the previous year. The trade balance showed a deficit of €973 million compared with a €2,505 million deficit in the same month of 2011.

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