Investing.com – Retail sales in Britain rose unexpectedly in December, industry data showed on Wednesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers jumped to 56 in December, up from 43 in November.
Analysts had expected the index to decline to 41 in December.
On the index, a reading above zero indicates higher sales volume, below indicates lower.
Commenting on the report, CBI Chief Economic Adviser Ian McCafferty said, “Sales on the high street continued to rise strongly compared with a year ago, reflecting a stronger crucial pre-Christmas trading period.”
However he added, “We remain cautious about prospects for the retail sector further ahead, given ongoing uncertainty over the resilience of consumer spending.”
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD falling 0.52% to hit 1.5690.
Meanwhile, European stock markets were broadly lower. The FTSE 100 shed 0.44%, the EURO STOXX 50 tumbled 1.12%, France’s CAC 40 slumped 0.85%, while Germany's DAX fell 0.75%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers jumped to 56 in December, up from 43 in November.
Analysts had expected the index to decline to 41 in December.
On the index, a reading above zero indicates higher sales volume, below indicates lower.
Commenting on the report, CBI Chief Economic Adviser Ian McCafferty said, “Sales on the high street continued to rise strongly compared with a year ago, reflecting a stronger crucial pre-Christmas trading period.”
However he added, “We remain cautious about prospects for the retail sector further ahead, given ongoing uncertainty over the resilience of consumer spending.”
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD falling 0.52% to hit 1.5690.
Meanwhile, European stock markets were broadly lower. The FTSE 100 shed 0.44%, the EURO STOXX 50 tumbled 1.12%, France’s CAC 40 slumped 0.85%, while Germany's DAX fell 0.75%.