FTSE 100 Drifts Lower As Pound Gains On Upbeat Retail Sales Data
2024-08-09
4412
(fxcue news) - U.K. stocks drifted lower on Friday while the British pound strengthened against other major currencies after official data showed that U.K. retail sales volume rebounded in July - dashing investor hopes of a Q4 Bank of England rate cut.
U.K. retail sales increased 0.5 percent on a monthly basis in July, following a revised 0.9 percent fall in June as summer discounting and the European football Championship boosted department stores and sports equipment stores sales.
Sales volumes advanced 1.4 percent in the year to July after poor weather impacted sales in July 2023. This follows a 0.3 percent decrease in June.
The benchmark FTSE 100 was down 17 points, or 0.2 percent, at 8,331 after rising 0.8 percent the previous day.
In corporate news, AstraZeneca was marginally higher after receiving priority review from the U.S. FDA for its supplemental Biologics License Application for Imfinzi to treat limited-stage small cell lung cancer.
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