Estonian retail sales and industrial production for July were published

Review Yesterday, Estonian retail sales and industrial production for July were published. July industrial production fell 27.8% y/y, more than we had expected although the decline was less than 30.1% y/y in June. Retail sales in July were far worse than we had forecast, down 16.0% y/y, even worse than the 1% y/y fall in June, probably due to the deteriorating labour market and budget cuts. The South African trade balance for July was better than anticipated with a surplus of ZAR0.4bln