Investing.com - U.K. retail sale volumes in November fell to the lowest level since June, dampening 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 declined to 1.0 in November from a reading of 2.0 in October.
Analysts had expected the index to improve to 8.0 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, “This is the second month in a row that retailers’ expectations for growth have been disappointed, perhaps due in part to the mild start to autumn.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD advancing 0.5% to trade at 1.6297, compared to 1.6293 ahead of the data.
Meanwhile, European stock markets remained higher. London’s FTSE 100 inched up 0.15%, the EURO STOXX 50 rose 0.2%, France’s CAC 40 added 0.2%, while Germany's DAX tacked on 0.2%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers declined to 1.0 in November from a reading of 2.0 in October.
Analysts had expected the index to improve to 8.0 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, “This is the second month in a row that retailers’ expectations for growth have been disappointed, perhaps due in part to the mild start to autumn.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD advancing 0.5% to trade at 1.6297, compared to 1.6293 ahead of the data.
Meanwhile, European stock markets remained higher. London’s FTSE 100 inched up 0.15%, the EURO STOXX 50 rose 0.2%, France’s CAC 40 added 0.2%, while Germany's DAX tacked on 0.2%.