Investing.com - Retail sales in the euro zone dipped modestly in February, official data showed on Wednesday.
In a report, Eurostat said retail sales dipped by a seasonally adjusted 0.1% in February, defying expectations for a 0.1% increase.
The previous month’s figure was revised up to a 1.1% gain from a previously reported increase of 0.3%.
Year-over-year, retail sales in the euro zone fell at an annualized rate of 2.1% in February, compared to expectations for a 1.1% drop, after falling at a rate of 1.1% in January.
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.51% to trade at 1.3167.
Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 tumbled 1.2%, France's CAC 40 dropped 1.25%, London’s FTSE 100 fell 1%, while Germany's DAX sank 1.65%.
In a report, Eurostat said retail sales dipped by a seasonally adjusted 0.1% in February, defying expectations for a 0.1% increase.
The previous month’s figure was revised up to a 1.1% gain from a previously reported increase of 0.3%.
Year-over-year, retail sales in the euro zone fell at an annualized rate of 2.1% in February, compared to expectations for a 1.1% drop, after falling at a rate of 1.1% in January.
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD shedding 0.51% to trade at 1.3167.
Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 tumbled 1.2%, France's CAC 40 dropped 1.25%, London’s FTSE 100 fell 1%, while Germany's DAX sank 1.65%.