Investing.com - Retail sale volumes in the U.K. fell to a five-month low in February, industry data showed on Tuesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers fell to 8.0 in February from a reading of 17.0 in January.
Analysts had expected the index to decline to 15.0 in February.
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, “Clearly, the road to recovery remains fragile. Worries about the economy, pay freezes and the rising cost of living will mean shoppers remain cautious for the foreseeable future.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.34% to trade at 1.5213.
Meanwhile, European stock markets were sharply lower. London’s FTSE 100 fell 1.35%, the EURO STOXX 50 tumbled 2.6%, France’s CAC 40 lost 2.2%, while Germany's DAX slumped 1.8%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers fell to 8.0 in February from a reading of 17.0 in January.
Analysts had expected the index to decline to 15.0 in February.
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, “Clearly, the road to recovery remains fragile. Worries about the economy, pay freezes and the rising cost of living will mean shoppers remain cautious for the foreseeable future.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.34% to trade at 1.5213.
Meanwhile, European stock markets were sharply lower. London’s FTSE 100 fell 1.35%, the EURO STOXX 50 tumbled 2.6%, France’s CAC 40 lost 2.2%, while Germany's DAX slumped 1.8%.