The Australian Bureau of Statistics (ABS) announced that the seasonally adjusted estimate of turnover for the Australian Retail and Hospitality/Services industries increased 0.5% in March 2008. This follows a 0.1% decrease in February 2008 and a revised no change in January 2008.

On Friday, the Federal Statistics Office (Destatis) announced that German retail sales contracted by 0.1% in March on a monthly basis. Economists had expected an expansion of 0.6% following the previous month's 0.7% decline. February's figure was revised up from a decline of 1.6%. Annually, retail sales shrank by 6.3%, down from both the 2.3% decrease forecast by economists and the previous month's rise of 2.5%. February's growth was revised up from a 0.3% decline.

According to data from NTC Economics, the manufacturing purchasing managers' index for Spain and Italy, as well as the final manufacturing PMIs for France, Germany and the euro zone as a whole, came in at 45.2, 48.2, 51.1, 53.6 and 50.7 respectively for April. While the German final manufacturing PMI came in line with projections and unchanged from the preliminary estimate, economists had expected readings of 48.8, 51.5 and 50.8 for Italy, France and the euro zone, in that order.

The March manufacturing PMI for Italy was registered at 49.4. In France, the previous month's reading was recorded at 51.9 whereas Spanish PMI had come in at 46.4 in March. The German and euro zone March readings had come in at 55.1 and 52.0 respectively.

On Friday, NTC Economics announced that the UK construction PMI declined to 46.1 in April, down from both the consensus forecast of 47.0 and the previous month's level of 47.2.

On Friday, the Halifax Bank of Scotland (HBOS) announced that house prices in the UK, in seasonally adjusted terms, fell 1.3% in April on a monthly basis. Economists had expected a decline of 0.6% following the 2.5% fall registered in February. Annually, house prices in April were 0.9% lower than a year earlier following March's increase of 1.1%. The consensus had called for a decline of 0.8%.

According to data from the National Institute for Statistics and Economic Studies (INSEE), French industrial producer prices rose 0.5% month-over-month in March, in line with the consensus forecast. February had registered a monthly increase of 0.4%. Year-over-year, industrial producer prices rose 5.2%, up from the consensus forecast of 5.1% and the previous month's increase of 4.9%. Excluding energy and agri food prices, March's increase in producer prices were recorded at 0.2% following February's rise of 0.3%. INSEE also reported industrial import prices rising 0.4% in March on a monthly basis following a gain of 0.2% in February. Annually, import industrial prices increased 4.4%.

On Friday, Finnish magazine Talouselaemae quoted European Central Bank Governing Council member Erkki Liikanen saying that central banks must ensure inflation falls below the target rate of 2%.

The foreign purchase of Japanese stocks rose ¥301.3 billion in the week ending April 25 after rising ¥136.0 billion in the previous week. Buying of bonds fell ¥588.0 billion following the previous week's ¥84.5 billion buy-up. Meanwhile, Japanese bought ¥11.3 billion in foreign stocks following the ¥4.9 billion purchased the prior week. The Japanese also sold ¥34.6 billion in bonds following the previous week's ¥833.6 billion sell-off.

The Japanese monetary base declined 2.8% year-over-year in April after March's unchanged reading in March.

JN Monetary Base (Y/Y) April -2.8% vs. Prior: 0.0%

JN Foreign Buying Japan Stocks 25-April +¥301.3B vs. Revised: +¥136.0B Prior: +¥143.6B

JN Foreign Buying Japan Bonds 25-April -¥588.0B vs. Prior: +¥84.5B

JN Japan Buying Foreign Stocks 25-April +¥11.3B vs. Prior: +¥4.9B

JN Japan Buying Foreign Bonds 25-April -¥34.6B vs. Revised: -¥833.6B Prior: -¥833.8B

AU Retail Sales March +0.5% vs. Exp: +0.3% Prior: -0.1%

AU Retail Sales Ex Inflation (Q/Q) 1Q -0.1% vs. Exp: -0.2% Revised: +1.3% Prior: +1.6%

EU German Retail Sales (M/M) March -0.1% vs. Exp: +0.6% Revised: -0.7% Prior: -1.6%

EU German Retail Sales (Y/Y) March -6.3% vs. Exp: -2.3% Revised: +2.5% Prior: -0.3%

UK HBOS Plc House Price (SA) (M/M) -1.3% vs. Exp: -0.6% Prior: -2.5%

UK HBOS Plc House Price (3mnth/Year) -0.9% vs. Exp: -0.8% Prior: +1.1%

EU German PMI Manufacturing April Final 53.6 vs. Exp: 53.6 Prior: 53.6

EU PMI Manufacturing April Final 50.7 vs. Exp: 50.8 Prior: 50.8

UK PMI Construction April 46.1 vs. Exp: 47.0 Prior: 47.2

By Erik Kevin Franco, This email address is being protected from spam bots, you need Javascript enabled to view it with contributions from Todd Wailoo, This email address is being protected from spam bots, you need Javascript enabled to view it , Tim Stackpool, This email address is being protected from spam bots, you need Javascript enabled to view it , edited by Nancy Girgis, This email address is being protected from spam bots, you need Javascript enabled to view it