Investing.com - Retail sale volumes in the U.K. rose significantly more-than-expected in October, climbing to a four-month high, industry data showed on Tuesday.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers rose by 24.0 points to a reading of 30.0 in October from 6.0 in September.
Analysts had expected the index to improve by 1.0 point to a reading of 7.0 in October.
On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.
Looking ahead, retailers expect growth in sales volumes to be similarly robust in the year to November.
Commenting on the report, Head of Economic Analysis at the CBI, Anna Leach said, “Falling inflation has somewhat eased pressures on family budgets, so that households are a little more willing to spend.”
“But there’s still a risk that on-going uncertainty over the global economic outlook could dent consumer confidence, hitting prospects for the retail sector, while the scope for inflation to fall further is limited,” she added.
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.25% to trade at 1.6073.
Meanwhile, European stock markets were broadly higher. London’s FTSE 100 rose 0.9%, the EURO STOXX 50 rallied 1.2%, France’s CAC 40 advanced 1.2%, while Germany's DAX jumped 1%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers rose by 24.0 points to a reading of 30.0 in October from 6.0 in September.
Analysts had expected the index to improve by 1.0 point to a reading of 7.0 in October.
On the index, a reading above 0.0 indicates higher sales volume, below indicates lower.
Looking ahead, retailers expect growth in sales volumes to be similarly robust in the year to November.
Commenting on the report, Head of Economic Analysis at the CBI, Anna Leach said, “Falling inflation has somewhat eased pressures on family budgets, so that households are a little more willing to spend.”
“But there’s still a risk that on-going uncertainty over the global economic outlook could dent consumer confidence, hitting prospects for the retail sector, while the scope for inflation to fall further is limited,” she added.
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.25% to trade at 1.6073.
Meanwhile, European stock markets were broadly higher. London’s FTSE 100 rose 0.9%, the EURO STOXX 50 rallied 1.2%, France’s CAC 40 advanced 1.2%, while Germany's DAX jumped 1%.