France’s Q3 GDP was significantly better than forecast recording a record 18.2% growth in the July – Sept period, after -13.7% contraction in the Q2. Expectations had been for 15.4% growth. However, with France back in national lockdown, these figures are already out of date.
French consumer spending in September declined a worse than forecast -5.1%, much worse than the -1% decline forecast.
German retail sales painted a frightening picture, -2.2% MoM in Sept, down from +3.1% in Aug as rising covid cases, tighter lockdown restrictions and growing concern over the economic outlook dragged on sales.
Eurozone data will remain very much in focus as investors await GDP data from Germany, the largest economy in the Eurozone and from the bloc itself.
Yesterday the ECB highlighted the headwinds faced by the Eurozone economy and said it is ready to increase monetary stimulus in December to cushion the economy.