Euro-Zone November retail sales rose 0.6% m/m. This was better than our median forecast for an unchanged number. However, October was revised down to -1.0% m/m from -0.8% m/m and the annual rate remains firmly in negative territory at -1.5% y/y. Lower energy prices may have helped to stabilize sales in November, but with unemployment on the rise it seems clear that consumption trends will remain depressed. Surveys show that consumers are increasingly concerned about the economic outlook and national data points to a slump in car registrations in November, which ties in with expectations of more negative sales numbers and consumption trends.