Eurozone: poor export performances in Germany, declining consumer confidence in France
Switzerland: CPI (Dec.): -0.3% m/m vs -0.2% expected (prior: -0.3%)
- A large decrease in energy prices (-7% m/m), food prices and in imported goods have more than compensated the rise in clothes (1.5% m/m). Core inflation was flat over the month, and slightly up from 0.5% y/y to 0.6% y/y.
- Yearly trend in headline has moderated from 0.9% y/y to 0.7% y/y.
France: Consumer confidence (Dec.): 87 vs 90 expected (prior: 91 revised from 92)
- Sentiment has deteriorated at a time of rising social protests; opinions on financial situation and unemployment have sharply decreased.
- Launch of measures in favor of purchasing power at past year end could give back some support to confidence and spending.
Germany: Trade Balance (Nov.): 20.5bn EUR vs 18.6bn expected (prior: 18.9bn revised from 18.3bn)
- Current account balance: EUR 21.4 bn after EUR 18.9 bn.
- Exports: -0.4% m/m (0.9% m/m prior month); imports: -1.6% m/m (0.8% m/m prior month).
- On a yearly basis, imports were up by 3.6%, while exports were flat.
Italy: Unemployment rate (Nov.): 10.5% as expected (prior: 10.6%)
- After the rebound the prior month, the ratio has slightly eased.
Eurozone: Unemployment rate (Nov.): 7.9% vs 8.1% expected (prior: 8% revised from 8.1%)
- The first time since the financial crisis the ratio passes below 8%.