US: depressed home sales; UK wages on a rising trend; less depressed sentiment in Germany
US: Existing home sales (Dec.): 4.99M vs 5.24M expected (prior: 5.33M revised from 5.32M)
- Sales have slowed down and just passed below 5 M, the first time since 2015. Sales of condos and single family houses plunged in Dec.
- Average and median prices of houses sold remained at a high level. The number of days one house stays on market has recently significantly increased.
- Sentiment has slightly improved for January, but real data have continued to disappoint.
UK: Unemployment rate (ILO) (Nov.): 4% vs 4.1% expected (prior: 4.1%)
- Claimant count: stable at 2.8%; jobless claims: 20.8 k after 24.8 k the prior month.
- A stable and still healthy labor.
UK: Average earnings incl. Bonus (Nov.): 3.4% y/y vs 3.3% expected (prior: 3.3%)
- Trend in wages has continued to grow; services, finance and construction have shown the most sustained yearly trend in wages.
- Despite the slowdown in inflation, this trend on wages could remain a concern for the BoE.
Germany: Zew (Jan.): -15 vs -18.5 expected (prior: -17.5)
- Expectations have recovered for the second time, pointing towards potential stabilization after the fall in confidence and activity seen on Q4.
- Nevertheless, sentiment on current situation remained weak
Poland: Retail sales (Dec.): 12.9% m/m vs 16.5% expected (prior: -2.7%)
- After a fall past month, consumption rebounded on many sectors; on real terms, the yearly trend has moderated from 6.9% y/y to 3.9% y/y.