German retail sales surprisingly drop.

German retail sales unexpectedly fell 1.4% on month in July vs -0.8% in June, with sharp rises in food costs possibly being a reason for the fall. "Higher food prices tend to lead to a bit of downward pressure on consumption," said economist Christian Schulz  before the report. "Everything else looks positive. If you look at any business survey, there's acceleration, not deceleration, of growth in Germany."