News and Reviews European Economic Zone

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News and Review of European Economic Zone

 

Draghi: Inflation to Rise Staged In 2015

Wednesday, March 11th, 2015

 

Mario Draghi maintain its quantitative easing program at a conference in Frankfurt after three days of the launch of the bond-purchase program worth 1.1 trillion euros her. Draghi sure the asset purchase program will successfully increase the Euro area inflation on target slightly below 2%.

 

In his first appearance since the launch of its quantitative easing program, Draghi pointed to a decrease in the yield of government bonds and the weakening of the Euro as a sign of the purchase program of public and private debt securities amounted to 60 million euros per month had an impact. Low exchange rate can generally increase inflation by making the price of imported goods become more expensive and exports goods become more competitive in the global market.

 

The consumer price index (CPI) reported a negative annual Euro area late last year became the first negative level since the financial crisis in 2009. The inflation data in February which has not reached the positive area, down 0.3%, adding anxiety deflation in the Euro zone. Draghi tried optimistic predicting a gradual rise in inflation this year

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News and Review of European Economic Zone

 

ECB's Draghi ECB Optimistic Stimulus Program Can Fix Inflation Expectations

Wednesday, March 11th, 2015

 

ECB President Mario Draghi commented that the ECB's decision launched a massive bond purchases by purchasing a wider scale is a policy that has been commonly applied by central banks globally.

 

The ECB will conduct the program with a value of $ 64.2 billion per month on euro zone government bonds, debt instruments issued by the European Union institutions and private debt instruments until September 2016.

 

But this stimulus program can be continued beyond 2016 if inflation is not showing signs of turning from the lower level to the central bank's target of close to 2%. As a result the euro fell to its lowest level in 12 years terhadak Dollar, sementata bond yields continued downfall.

 

According to Draghi, this asset purchase program should be able to boost inflation expectations so that investors are more confident to divert the flow of capital to risk asset markets.

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News and Review of European Economic Zone (UK)

 

UK Industrial Production Down in January

Wednesday, March 11th, 2015

 

UK industrial production in January was surprisingly recorded a decrease, inversely proportional to the estimated increase by economists. Office for National Statistics (ONS) reported that industrial production fell 0.1% from the previous month were down 0.2%, while economists polled by Reuters forecast a rise of 0.2%.

 

Details of the report showed manufacturing production, which accounts for about 80% of the total industrial production, recorded a decrease of 0.5% in January from December were up 0.1%. The largest decrease was reported in the computer sector, electronics, and optics that recorded the largest decline since the beginning of 2002, by 9.5%.

 

For gas and oil production sector, the ONS reported an increase of 2.4%, helped increase in oil production in the North Sea, after the December production was reduced after treatment of the oil fields. Industrial production data from the ONS accounted for 15% of total UK economy.

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News and Review of European Economic Zone (UK)

 

RICS: House Prices in UK Rise More Than Expected

Thursday, March 12th, 2015

 

UK house prices rose more than expected in February, according to survey results that indicate the property of diminishing supply may be an end to the slowdown in the market. Royal Institution of Chartered Surveyors (RICS) said its monthly house price index rose to +14 in February from +7 in January, was above economists' estimates. UK housing sector market has slowed since mid-2014, when the government requires banks to examine more closely whether the borrower can pay the mortgage if interest rates rose sharply.

 

According to RICS, London meurpakan the only part of the UK where house prices fell, although the rate of decline slowed. Simon Rubinsohn, RICS chief economist said that this is a good sign considering the negative trend in the interest of buyers seem to fade, it is likely in part due to the increased level of confidence that interest rates will remain at a low level for much longer.

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News and Review of European Economic Zone

 

QE 3 Day Walk, the ECB has been Buy Bonds Worth $ 10.33 Billion

Thursday, March 12th, 2015

 

Member of the executive board of the European Central Bank, Benoit Coeure, said the ECB has been buying bonds with an average maturity of 9 years worth € 9.8 billion ($ 10.33 billion) in the three days after the quantitative easing program starts running. The ECB will conduct a total purchase of € 60 billion per month for euro zone government bonds, bond instruments issued by the EU institutions, and private assets to the month September 2016.

 

Coeure added ECB to do so in accordance with predictions, and are on the right track in March. He also said volatility in the market today, especially the decline in the exchange rate of the euro as investors begin to understand how the ECB QE program works, but the impact will be temporary. Said the euro zone economic recovery was gathering momentum, but the countries in the euro zone must still perform structural reform to ensure the long-term growth.

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News and Review of European Economic Zone (UK)

 

UK balance of trade deficit narrows in January

Thursday, March 12th, 2015

 

The surge in services exports and reduction in oil imports make British trade deficit narrowed in January. Office for National Statistics (ONS) reported a deficit between the total value of exports of the UK with a total value of imports during the month of January for £ 616 million, from the previous £ 2.1 billion in December. Deficit in January became the lowest level since mid-2013 Britain is traditionally a net exporter of services to a record surplus of services since last 17 years, led by legal services, business consulting, and advertising.

 

While the goods trade deficit narrowed to £ 8.4 billion in January from December of £ 9.9 billion. However, the ONS said that British companies are still difficult to export goods, especially to the euro zone which is the main UK market. Exports to the euro zone were reported to be at the lowest level in the last five years.

 

Weak exports become a bottleneck for the UK economy throughout 2014, the monetary stimulus that the European central bank is expected to spur the economic bloc of 19 countries, the impact on British exports increase

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News and Review of European Economic Zone (UK)

 

British Intend So Creditor Bank Member Notching China

Friday, March 13th, 2015

 

The British government officially submitted a proposal as one of the members of the Asian Infrastructure Investment Bank (AIIB) commanded by China. The creditor institution established as a funding source for the infrastructure of developing countries in Asia.

 

China welcomes the intention of the UK to join the AIIB, but governments still have to consult with the other founding countries before knocking hammer. If there is no significant rejection, England will officially become a member AIIB at the end of this month. In a statement on the official website of the government, Chancellor of the Exchequer, George Osborne, said his country will be the first European country to take part in AIIB structure other than 27 other countries. Developing countries are already taking part first, among others, India, New Zealand, Indonesia, Thailand, Vietnam, the Philippines, Qatar and Oman.

 

China's decision to spearhead the establishment of savings and loan banks in the style of the World Bank and the Asian Development Bank (ADB) had not received the support of three major countries in the Asia Pacific region. United States even felt the move was unnecessary because existing creditor institutions are now able to accommodate the interests of its members.

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News and Review of European Economic Zone (Greece)

 

Greece Will Not Be Getting Special Treatment

Friday, March 13th, 2015

 

Greece must present a detailed proposal on how he wants to get the current bailout program and did not expect that gets special treatment from the euro zone countries, according to a close friend of German Chancellor Angela Merkel on Friday. International lenders had frozen the Greek aid disbursement to see a new government reform agenda. Economists have warned that without the aid, Greece could go bankrupt in the next few weeks.

 

According to Volcker Kauder, parliamentary leader of Merkel's conservative party in the Bild newspaper, the current Greek government should focus on presenting the program to qualify a second aid package. Currently also open an appropriate time to discuss opportunities for third aid program for Athens, given that the European bailout rule also applies to other countries such as Spain, Portugal, and Ireland can not be changed just for Greece. Kauder said Greece will not get any special treatment, and the creditors will not be swayed by a statement from the Athens, following a dispute between Greece and Germany, which has long insisted that the state owes to do policy tightening.

On Thursday, the Athens accused the finance minister Wolfgang Schaeuble insulting German Greek society, worsen the bilateral relations between the two countries. Shaeuble denied the allegations, saying it is "unreasonable".

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News and Review of European Economic Zone (UK)

 

British Construction Output Down in January

Friday, March 13th, 2015

 

Office for National Statistics reported the UK construction output slumped 2.6% in January, after rising 0.6% in December. It is unexpected that gives the estimated increase of 1.2%. The slump also is the largest since the end of 2013, and was dragged by a decrease in housing construction output. Total new home construction was down 5.0% in January from the previous month, and became the biggest decline since February last year.

 

ONS associate decline in January to the low realization of mortgage loans, as well as high home prices, and tight financing conditions. Some signs of a slowdown in the housing sector has been seen before, in the fourth quarter of 2014, orders for construction fell 2.9% from the previous quarter, which was suppressed by the decrease in housing construction by 6.5%.

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News and Review of European Economic Zone (Greece)

 

Tsipras: Greece Will Not Be Back In Tightening

Monday, March 16th, 2015

 

Greece will not return to the tightening, according to Prime Minister Alexis Tsipras on Monday, adding that he is confident that it can reach an agreement with international partners to rescue the financial sector. According to Tsipras statement quoted by the daily Ethnos, the key to a compromise with the troika is to realize that the tightening policies have failed, not only in Greece, but in the whole of Europe. Greek left-wing government won an election in January in the promise to overhaul tightening budgets and renegotiate the terms bailout worth 240 billion euros. However, it received strong opposition from its partners in the euro zone countries are not willing to compromise a lot.

 

Although the Athens have earned during the four-month extension on the bailout deal, the agreement dated February 20 and not provide access to aid Greece from the eurozone and the International Monetary Fund, which would trigger a financial crisis. To get the rest of the aid, Athens parties must agree on a package of reforms that have been revised. With the increasing lack of money, the government tried to issue bonds in short-term, but the European Central Bank has so far refused to give the green light.

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News and Review of European Economic Zone

 

Germany Urges Greece To Respect Commitment His reforms

Monday, March 16th, 2015

 

Germany wants Greece remains in the euro zone, but this time the decision is in the government in Athens to honor its commitment to overhaul the economy, said German government officials.

 

Steffen Seibert, spokesman for German Chancellor Angela Merkel said that the goal of the German government, the chancellor and finance minister for the next few years, especially since the outbreak of the crisis, is to keep all members of the euro zone as a whole and to stabilize it all. Our political goal remains the same: to retain Greece in the Euro zone.

 

He insisted that the resolution of the Greek problem is not as "personal feud" or bilateral issue between Berlin and Athens, but this is a task between Greece and the Eurozone.

 

The comments came after German finance minister Wolfgang Schauble said in a television interview on Thursday evening that a Greek exit from the euro zone is possible, highlighting the growing frustration of Germany with the new Greek leader, who they say has done little to help secure the latest from the Euro zone and the IMF although payment of debt maturing this month.

 

Schauble told reporters during a visit to the Austrian ORF that as a form of responsibility, the possibility to decide on what will happen, only with Greece and as we know exactly what the Greek form of responsibility, we can not rule out the rules "of the possibility of a Greek exit from the Euro area.

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News and Review of European Economic Zone (Switzerland)

 

Swiss Retail Sales Decline in Early 2015

Monday, March 16th, 2015

 

Swiss retail sales unexpectedly fell in January, eclipsing optimism improving economy while reversing the position of the Swiss franc back flat against the US dollar. Prior to the data released Swiss franc surged against the currency pair as optimistic market statistics bureau Swiss Federal Statistical Office or will present data better than a month at the end of the year report.

 

Switzerland's annual retail sales in January fell 0.3%, 2.6% estimated increase disappointing. The Federal Statistical Office also revised downward its report in December last year to increase 1.9% from 2.2% rise time of the report released early last month. Based on the press release, in addition to the food sector into the cause of the decline in retail sales at the beginning of the year with negative growth of 1.4%, down 3% after the price adjustment. While retail sales of food, beverages and tobacco recorded an increase of 1.4%, up 1.9% after penyusaian price.

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News and Review of European Economic Zone (Germany)

 

ZEW: Investor and Analyst Germany Optimistic In March

Tuesday, March 17th, 2015

 

German investor confidence continued to rise in the five months to March, bolstering optimism economic recovery in Europe's largest country. The economic sentiment index is done is done ZEW research center conducted a survey of 275 German investors and analysts related to the development of the German economy in the next six months. For March, the ZEW index of consumer sentiment rose to 54.8 from level 53 in February. The results of this survey is lower than the 58.2 predicted by Reuters. But the data is still above the threshold of 50 indicates the condition of the German economy is still considered to be expanding.

 

German economic growth accelerated in the fourth quarter as lower oil prices and the exchange rate of the Euro to support the level of consumption and strengthen confidence in the business area. Quantitative easing program of the European Central Bank (ECB), which begins this month also stimulate business activity by lowering yields and cheer the stock market.

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News and Review of European Economic Zone

 

Euro Good Responding Both data Germany

Tuesday, March 17th, 2015

 

The euro rebounded against the US dollar continued on Tuesday, after data showed economic sentiment in Germany improved to its highest level in 13 months in March, although the inflation data tends to limit the strengthening of the euro zone. In a report, the ZEW Centre for Economic Research said its index of German economic sentiment rose as much as 1.8 points hers be 54.8 this month from the month of February at 53.0. Analysts expect the index rose as much as 5.2 points to 58.2 in March. Euro zone economic sentiment index rose to a 13-month high at 62.4 in March from 52.7 in February, above the estimate for a rise to 58.2. The euro had gained to a high level in the range of 1.0621 per dollar before then slightly trim the gain to be traded in the range of 1.0606. The euro also managed to strengthen against the pound to beraa in the range of 0.7182.

 

Separate data showed the rate of consumer price inflation in the euro zone fell by 0.3% last month, in line with expectations and previous estimates. Eurozone inflation rate fell as much as 0.6% in January. The inflation rate is still far below the target of the European Central Bank to be close below the level of 2%. Core inflation, in addition to the price of food, energy, alcohol, and tobacco rose 0.7% in February, up from a previous estimate of 0.6%.

Meanwhile, market participants are focused on the Federal Reserve's statement on Thursday morning to see whether the Fed will not use words to guide patient interest rates and signal that the central bank is ready to raise interest rates depends on the economic data. Tonight, the US will release a report on housing starts and building permits.

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News and Review of European Economic Zone (UK)

 

Bank of England Looking Strengthening Risk Sterling

Wednesday, March 18th, 2015

 

Bank of England officials see the risk of further strengthening of sterling and makes the rate of inflation is below the target for much longer, according to minutes of the BoE meeting in March which was released today. BoE MPC Meeting Minutes March 4-5 shows all the 9th member believes that the inflation outlook is very weak in the short-term interest rates requires to survive at a record low 0.5%. As with the previous month, two MPC members describe their decision "fairly balanced", but no other member of the waffle on interest rate cuts in the near future. BOE officials assess the overall economic outlook is not much changed since comprehensive projections released last February BoE.

 

BoE minutes showed officials felt the risk in the short term that the differences trend and strong monetary policy outlook for economic growth than the eurozone Britain puts upward pressure on the exchange rate of sterling. According to the minutes, it has the potential to increase the time for the CPI inflation rate is below the target and increase the risk that the expected slowdown in the rate of inflation will become more attached.

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News and Review of European Economic Zone (Greece)

 

IMF Suppose Greece Not Cooperative

Wednesday, March 18th, 2015

 

Officials International Monetary Fund said on his colleagues in the eurozone that Greece is a "patient" most uncooperative that must be faced in during the 70-year history, according to two sources close to the discussions. In a brief teleconference Tuesday, officials from the IMF, European Central Bank and the European Commission protesting the Greek government that does not comply with the extension of the bailout deal reached last February or cooperate with the creditors, according to the source, who declined is identified.

 

German finance officials say tried to persuade the Greek government in order to put together a program of strict economic policy is like riding a dead horse, according to the source, while the IMF team said the Greek attitude on the part of creditors unacceptable. German Finance Minister did not respond and refused to comment. Anxiety among the leaders began to grow that stubbornness by Prime Minister Alexis Tsipras might lead a Greek exit from the euro zone, as the debt burdened countries refused to take the necessary steps to obtain further financial assistance. Tsipras dependent and hope for a breakthrough at a meeting with ECB President Mario Draghi, German Chancellor Angela Merkel, French President Francois Hollande and European Commission chief Jean-Claude Juncker this week in Brussels.

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News and Review of European Economic Zone (UK)

 

Employment Growth Slows In English Early Years

Wednesday, March 18th, 2015

 

UK labor growth rate slowed in January with a decrease in the unemployment rate to its lowest level and a 6-year wage levels are slightly lower because fewer bonus payments. Official for National Statistics (ONS) reported employment data were lower than expected before the government's annual budget statement by the Minister of Finance, George Osborne.

 

UK unemployment rate in February was steady at 5.7%, matching the lowest level since 2008, but higher than the expectations of economists polled by Reuters, namely a decrease to 5.6%. The ONS added that the number of labor rose 143,000 into 30 939 million during the three months to January. The unemployment rate is 73.3%, the highest level since record keeping.

 

Average weekly income, including bonuses, rose 1.1% in January compared with the same month last year, slower than the 2.4% growth in December. The ONS said the British companies less pay bonuses in January compared to December. Including bonuses, wages rose 1.8% in the 3-months to January, slower than the growth of 2.1% during October to December last year and expectations of a 2.2% rise by economists surveyed by Reuters.

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News and Review of European Economic Zone (UK)

 

Haldane: UK Interest Rates Still Possible Down

Thursday, March 19th, 2015

 

Chance of further movement in UK interest rates, to go up or down roughly balanced, according to the chief economist at the Bank of England, Andy Haldane. He said that while he does not see the need for a change in interest rates in the near future, according to the opportunities trimming or rise quite balanced. In other words, according to Haldane policy may have to step in either direction, depending on whichever is the greater risk. Haldane strive menekankank that's just personal views and should not be regarded as a change of view of the BoE Monetary Policy Committee as a whole, but the speech will re-open the debate on whether the UK can come back to the era of low interest rates.

 

Haldane said that while inflation risks are still balanced, I think the risk is greater for the decline. He says, if the policy is not set by the MPC but alogritma, BoE projection models have also demonstrated that the lower limit is set at zero levle, the optimal path for the interest rate was cut gradually towards zero level in about 1 year.

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News and Review of European Economic Zone

 

ECB Rate Loans Banking 97.8 Billion Euro Into Eurozone

Thursday, March 19th, 2015

 

European Central Bank (ECB) provided 97.8 billion euros (104.5 billion) to financial institutions in the euro area in the third round of a program designed to stimulate the economy. Realization of the target loan, higher than expected 40 mliar Euro, be evidence that the Euro zone began to recover has managed to convince banks to be more willing to lend to the private sector. These conditions while providing better growth prospects for the euro bloc in the coming months.

 

Long-Term Financing Option (LTRO) or long-term loans with low cost, sometimes called "free money", in 2015 is slightly higher than a similar program, TLTRO, in September and December last year. In December, the ECB gave a loan of 129.8 billion euros, while in September of banking in the 19-nation bloc took 83.6 billion euros. Charge rate is considerably higher than the benchmark interest rate and the inflation outlook worsens make the ECB added stimulus to do great berksala asset purchases in January. The ECB also lowered by 10 basis points borrowing costs applicable to the two TLTRO to 0.05% for the current program

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News and Review of European Economic Zone (Switzerland)

 

Strengthening Swiss franc Pressing Export Demand

Thursday, March 19th, 2015

 

Swiss export levels fell in February as the strengthening of the Swiss franc erode the level of demand from the European Union and Asia for pharmaceutical products, chemicals, and machinery from Switzerland. The level of exports in February fell as much as 3.9% from a year ago, for a real level, becoming 16:12 billion Swiss francs (16.5 billion dollars), according to the customs office on Thursday. In nominal terms, the level of exports also fell as much as 3.9% level of imports reached 13.65 billion francs, down as much as 2.1% in real ringkat and 5.3% in nominal terms.

 

Switzerland's trade surplus narrowed in February to 2:47 billion francs from 3.4 billion francs in January. Export levels fell as much as 2.0% watch in February, according to the customs office. Watch exports reached 1.69 billion francs worth, for a decrease of 1.5% in real terms.

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News and Review of European Economic Zone (UK)

 

UK Public Sector Financial Deficit Down In February

Friday, March 20th, 2015

 

British government finance for new funds in the amount of income tax revenue in February based on data from the Office for National Statistics (ONS) on Friday. UK public sector borrowing of 6.9 billion pounds sterling ($ 10.1 billion) in February excluding state banks, down 3.4% from the previous year. Before the data was released, a Reuters survey of analysts predict the difference between expenditure and income of public companies, government and local authorities will reach 8.5 billion. The financial deficit following reports budget surplus in January, the month when most tax revenues are recorded.

 

The latest report describes the condition of the British financial recovery of the UK economy eventually increase the wage rate. The UK economy drove faster than the economy of western countries in 2014. However, the low level of wages and income tax revenue pressing complicate the government's financial management.

 

The level of income tax revenues in January and February reached 44.8 billion pounds, the highest number since the ONS began to record the data in 1997. Revenue from income tax up 16% over the previous year to 18 billion pounds. This condition is a good start in 2015 to help finance minister George Osborne's pledge when the budget speech on Wednesday to achieve a surplus budget for speeding away from austerity to prosperity

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News and Review of European Economic Zone

 

Merkel: Greece Must Respect "Every paragraph" agreement in February

Friday, March 20th, 2015

 

German Chancellor, Angela Merkel, on Friday (20/3) asks Greece adhere to "every paragraph" of the bailout extension agreements in February with the Euro zone. But Merkel gives little relief will give consideration if the Prime Minister of Greece Alexis Tsipras can provide equal reform agreement. Merkel pointed pension reform or tax related to the Greek economic reform proposals, "as long as it still has the same effect" with the agreed commitments.

 

At the end of the Summit (Summit) The European Union, Merkel gave a statement related to the development of the Greek negotiations in a press conference. Merkel stressed the importance of each paragraph in the agreement and reforms Greece must be given in the next few days

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News and Review of European Economic Zone

 

Merkel Set Terms Tight To Help Greece

Friday, March 20th, 2015

 

German Chancellor Angela Merkel said Friday that Greece will only receive assistance to avoid a crisis when the creditors agree to a comprehensive list of promised reforms will be presented in the near future. However, he signaled some flexibility about what reforms should be made of Athens, and European Commission President Jean-Claude Juncker offering Greek Prime Minister Alexis Tsipras said sweeteners available 2 billion euros from the EU budget to ease the humanitarian impact of policy tightening for 5 years .

 

The two leaders spoke after Tsipras promised on euro zone leaders in discussion last night on the sidelines of the EU summit that the government will move quickly to bring the full package of economic reforms in order to avoid bankruptcy. Post both sides to mess around for 2 months since Tsipras was elected with a mandate to end the tightening, he held discussions for 3 hours with the leaders of Germany, France, and the main EU institutions to try to break the deadlock at risk eject Greece from the eurozone.

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News and Review of European Economic Zone

 

Tsipras Remind Merkel Will Difficulty exert its debt obligations

Monday, March 23, 2015

 

Prime Minister of Greece, Alexis Tsipras, expressed objection to the German Chancellor, Angela Merkel, in a letter dated 15 March. Media Financial Times reported, Greece difficulty completing its debt obligations in a few weeks if the EU does not provide short-term financial assistance to Athens.

 

In the letter, Tsipras warn his government had to choose between paying the debt, the largest creditors are the International Monetary Fund (IMF), or continue the social expenditure. Tspiras also accused the European Central Bank (ECB) which complicate efforts to obtain liquidity through swap Greek government bonds. Prohibits the ECB European banks take Greek government debt is undervalued. Tsipras also write Greek difficulties because of the reluctance of euro zone officials to provide financial assistance before Greece hand over new economic reforms.

 

Meeting of the German and Greek became an opportunity for both countries to ease tensions between the two sides. On Friday, Merkel declared the arrival of Greece is to maintain bilateral relations. Germany itself meruapakan one of the biggest contributors to Greece and Merkel want the Greek government's economic reform plan as soon as possible submit this week aga can obtain the funds so that they can avoid the threat of default

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News and Review of European Economic Zone (Germany)

 

Bundesbank Estimate German Keep Growing

Monday, March 23, 2015

 

The German economy is likely to continue to grow at a rapid pace at the beginning of this year following a strong expansion in late 2014, according to the German central bank on Monday. Deutsche Bundesbank also forecast continued strengthening of the economy sharply in the second quarter of this year. According to him, the main trigger level of foreign demand, private consumption and reduced construction. Comments are released as the increase in the projection for Germany, after cuts last year due to concerns about the situation in Russia and Ukraine. In February, the European Commission, raised its forecast for growth in Germany as much as 0.4% to 1.5% this year. Last week the Organisation for Economic Co-operation and Development raised its forecast for German growth for 2015 to 1.7% from 1.1% previously. Germany got the strut of a number of positive factors, while the weakening of the euro will encourage the export sector, the decline in energy prices and high wages give consumers a higher purchasing power.

 

According to the monthly report of the Bundesbank, the German economy's output may have grown strongly in the first quarter of 2015 after the end of 2014 strong. Statistical Office of Germany reported in February that the economy grew by 0.7% for the quarterly level in the last quarter of last year. Bundebank said in the fourth quarter of 2014, the level of private consumption and savings rate increased. This indicates that consumers do not shop with fully. According to the Bundesbank, the strong expansion in retail sales in January indicates that current consumers shopping in full force. Data from the Bundesbank showed German retail sales growth rate of 2.3% in January.