Investing.com - Retail sales in the U.K. unexpectedly declined in October, dampening optimism over the country’s economic outlook, official data showed on Thursday.
In a report, the U.K. Office for National Statistics said retail sales fell by a seasonally adjusted 0.7% in October, disappointing expectations for a 0.1% gain. Retail sales rose by 0.6% in September.
Year-on-year, retail sales increased at an annualized rate of 1.8% last month, below expectations for a 3.1% gain, after rising at a rate of 2% in September.
Core retail sales, which exclude automobile sales, declined 0.6% in October, worse than forecasts for a 0.2% drop, after increasing 0.8% in the preceding month.
Following the release of the data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.33% to trade at 1.6005.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.85%, the EURO STOXX 50 jumped 1%, France’s CAC 40 added 1%, while Germany's DAX increased 0.85%.
In a report, the U.K. Office for National Statistics said retail sales fell by a seasonally adjusted 0.7% in October, disappointing expectations for a 0.1% gain. Retail sales rose by 0.6% in September.
Year-on-year, retail sales increased at an annualized rate of 1.8% last month, below expectations for a 3.1% gain, after rising at a rate of 2% in September.
Core retail sales, which exclude automobile sales, declined 0.6% in October, worse than forecasts for a 0.2% drop, after increasing 0.8% in the preceding month.
Following the release of the data, the pound added to losses against the U.S. dollar, with GBP/USD shedding 0.33% to trade at 1.6005.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.85%, the EURO STOXX 50 jumped 1%, France’s CAC 40 added 1%, while Germany's DAX increased 0.85%.