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[Tuff-Stuff]

German retail sales -4.7% Y/Y in December vs consensus of -1.6%, with the drop the largest since May 2009. On month, sales -1.7% and -0.1%. Sales fell across the board, with food, drinks and tobacco -4.1% Y/Y, clothes, shoes and textiles -6.5%. However, its worth pointing out that the metric is notoriously volatile and that retailers reported decent Christmas sales