Investing.com - Retail sale volumes in the U.K. rose to an eight-month high in August, 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 27.0 in August from a reading of minus 17.0 in July.
Analysts had expected the index to improve to 19.0 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, “A rise in spending is welcome news, but the bottom line is that confidence will not bounce back fully until family finances improve further.”
Following the release of that data, the pound remained lower against the U.S. dollar, with GBP/USD shedding 0.33% to trade at 1.5496.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 declined 0.55%, the EURO STOXX 50 dropped 0.7%, France’s CAC 40 shed 0.3%, while Germany's DAX tumbled 1%.
In a report, the Confederation of British Industry said the result of its index of U.K. retailers rose to 27.0 in August from a reading of minus 17.0 in July.
Analysts had expected the index to improve to 19.0 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, “A rise in spending is welcome news, but the bottom line is that confidence will not bounce back fully until family finances improve further.”
Following the release of that data, the pound remained lower against the U.S. dollar, with GBP/USD shedding 0.33% to trade at 1.5496.
Meanwhile, European stock markets held on to losses. London’s FTSE 100 declined 0.55%, the EURO STOXX 50 dropped 0.7%, France’s CAC 40 shed 0.3%, while Germany's DAX tumbled 1%.