Investing.com - Retail sale volumes in the U.K. rose to the highest level since June 2012 in September, fuelling optimism over the U.K.’s economic outlook, industry data showed on Wednesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers rose to 34.0 in September from a reading of 27.0 in August.
Analysts had expected the index to decline to 24.0 this month.
On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.
Barry Williams, Chair of the CBI Distributive Trades Survey Panel said, “It’s encouraging to see the high street on the road to recovery, with particularly strong growth from furniture & carpet retailers, department stores and recreational goods retailers.”
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD advancing 0.12% to trade at 1.6023.
Meanwhile, European stock markets remained mixed. London’s FTSE 100 inched up 0.1%, the EURO STOXX 50 tacked on 0.1%, France’s CAC 40 shed 0.1%, while Germany's DAX slumped 0.1%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers rose to 34.0 in September from a reading of 27.0 in August.
Analysts had expected the index to decline to 24.0 this month.
On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.
Barry Williams, Chair of the CBI Distributive Trades Survey Panel said, “It’s encouraging to see the high street on the road to recovery, with particularly strong growth from furniture & carpet retailers, department stores and recreational goods retailers.”
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD advancing 0.12% to trade at 1.6023.
Meanwhile, European stock markets remained mixed. London’s FTSE 100 inched up 0.1%, the EURO STOXX 50 tacked on 0.1%, France’s CAC 40 shed 0.1%, while Germany's DAX slumped 0.1%.