German Retail Sales slid 2.9% in the month of August compared to July, and compared to the estimate of .5%. Signs of slowdown are all over Germany which has been the engine of Europe.
Luxury Good retailers have escaped the worst of the market downturn, but appear to be weakening. Stocks of European luxury goods makers, like Burberry, have declined in early European trading today on worries about a slowdown in China. Few have noticed the rapidly rising exposure of these companies to China. Burberry, 33% of Revenues, and Tiffany, 38% of Revenues, are examples.
The ECB, which aims to keep annual gains in consumer prices just below 2 percent, said earlier this month that inflation may average 2.6 percent this year and 1.7 percent in 2012. Economic growth may weaken to 1.3 percent next year from 1.6 percent in 2011, it said. (Bloomberg)
European stocks are down across the Board this morning, signaling a US decline at the opening.
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