German Retail Sales figures headline the calendar in European trading hours, with expectations calling receipts to shrink -0.3% in the year to October. The data series is very volatile so traders are unlikely to take the release as strongly indicative of the retailing climate in the Euro Zone’s largest economy. Looking elsewhere, the outlook sales activity looks decidedly grim: industrial production, a key driver of employment and wage growth, has fallen to the lowest in over 5 years; real estate values have are at the second-lowest levels in at least as long; and the DAX benchmark stock index has fallen over 50% so far this year. In sum these developments have vastly eroded household wealth, sending consumer confidence to the lowest level in 3 years. The outlook is likely to remain dour with Germany confirmed to be in recession after economic growth shrank in the second and third quarters. The European Central Bank is expected to cut interest rates by at least 0.50% later this week with 135 basis points in total easing forecast for the next 12 months.