Mixed signals on the European markets after the release of macroeconomic data for the Eurozone. In particular, eurozone retail sales rose much less-than-expected on a monthly basis in January and remained lower than a year ago, reflecting weak consumer demand in the eurozone and a broader slowdown in economic growth.

European Union statistics agency Eurostat said retail sales in the 20 euro-operating countries rose 0.3% m/m in January, down 2.3% y/y, Reuters reported.

The result was well below the expectations of economists polled by Reuters, who had forecast growth of 1.0% m/m and a fall of 1.8% y/y.

Meanwhile, UBS raised its 2023 growth forecast for China to 5.4% from 4.9% earlier and “cut” its inflation forecast to 2.5% from 3% earlier.

In the euro markets, the Stoxx 600 index fell only 0.02% to 464 points, the FTSE 100 in London fell 0.22% to 7,929 points, the DAX 30 in Frankfurt rose 0.48% to 15,653 points, and the CAC 40 in Paris recorded an increase. by 0.34% to 7373 points.

Oil prices also fell as Beijing’s estimates of China’s economic growth this year were modest, resulting in GDP growth of 5%, below market expectations for 5.5% growth in the second-largest country in terms of oil consumption in the world. Late in the evening, US oil fell 37 cents to $79.31 a barrel, while Brent oil fell 46 cents to $85.36 a barrel.

At the same time, oil prices are likely to be affected by rising interest rates around the world as central banks tighten policy amid fears of rising inflation. Traders have begun to factor in rate hikes in various countries, but are hoping for a smaller increase than last year. However, at the same time, global demand is hitting record levels and analysts are suggesting that the price of oil could hit $100 a barrel.