Investing.com - Retail sale volumes in the U.K. contracted for the first time in eight months in April, industry data showed on Wednesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers fell to minus 1.0 in April from a reading of 0.0 in March.
Analysts had expected the index to improve to 7.0 in April.
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, “This may be explained in part by the unseasonal weather we suffered, but there is no doubt that high street conditions are tricky with consumers lacking the confidence to go out and spend, as they still feel the pinch in their pocket.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.26% to trade at 1.5279.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.15%, the EURO STOXX 50 advanced 0.7%, France’s CAC 40 increased 0.7%, while Germany's DAX tacked on 0.5%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers fell to minus 1.0 in April from a reading of 0.0 in March.
Analysts had expected the index to improve to 7.0 in April.
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, “This may be explained in part by the unseasonal weather we suffered, but there is no doubt that high street conditions are tricky with consumers lacking the confidence to go out and spend, as they still feel the pinch in their pocket.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.26% to trade at 1.5279.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.15%, the EURO STOXX 50 advanced 0.7%, France’s CAC 40 increased 0.7%, while Germany's DAX tacked on 0.5%.