Gavekal Capital: European Retail Sales Disappoint (Again)

Wednesday, February 5, 2014

European Retail Sales Disappoint (Again)

Contrary to the consensus for a 1.5% y/y gain in December, European retail sales fell (-1.0% y/y) and November's gain was revised to a more modest 1.3%-- the only year-over-year rise since April 2011.

Unsurprisingly, yields in Germany fell back to levels previously seen in July/ August of last year.

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Gavekal Capital is a US registered investment advisory firm that manages the Gavekal Knowledge Leaders Strategy. Knowledge Leaders are a group of the world’s leading innovators with deep reservoirs of intangible capital. These companies often possess competitive advantages such as strong brand, proprietary knowledge or a unique distribution mechanism. Knowledge Leaders are largely service-based and advanced manufacturing businesses, often operating globally. Gavekal Capital seeks to identify the world’s leading knowledge companies through a proprietary process that analyzes corporate knowledge investments.
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