Investing.com - Retail sales in the U.K. rose much more than expected in April, underlining optimism over the country’s economic outlook, official data showed on Wednesday.
In a report, the U.K. Office for National Statistics said retail sales increased by a seasonally adjusted 1.3% last month, blowing past forecasts for a gain of 0.5%. Retail sales in March was revised up to a 0.5% gain from a previously reported rise of 0.1%.
Year-on-year, retail sales rose at an annualized rate of 6.9% in April, above expectations for a 5.2% gain, after rising at a rate of 4.8% in March.
Core retail sales, which exclude automobile sales, jumped 1.8% last month, easily surpassing forecasts for a 0.5% gain, after rising 0.1% in the preceding month.
Following the release of the data, the pound added to gains against the U.S. dollar, with GBP/USD rising 0.45% to trade at 1.6914, compared to 1.6890 before the data.
Meanwhile, European stock markets were mostly lower. London’s FTSE 100 dipped 0.15%, the Euro Stoxx 50 inched down 0.1%, France’s CAC 40 declined 0.25%, while Germany's DAX eased up 0.1%.