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UK DATA
UK DATA: Retail Sales Posts Stronger-Than-Expected Bounce   
-UK Feb Total Retail Sales +0.8% m/m; +1.5% y/y; -0.4% 3m/3m 
-UK Feb Retail Sales Ex-Fuel +0.6% m/m; +1.1% y/y; -0.5% 3m/3m 
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Total retail sales volumes grew 0.8% m/m in February, topping 
analyst expectations, meaning that sales would have to grow by 0.6% m/m 
in March for Q1 growth to come in flat on Q4 17. Supermarket activity 
drove the 1.1% m/m rise in food stores, while internet sales and, to 
lesser extent, physical auction houses helped push non-store retailing 
up 4.6% m/m - the biggest in just under two years. A downward revision 
to Jan total sales (down to -0.2% m/m) took the Feb 3m/3m rate to -0.4%, 
the lowest since March. This underlying growth picture will likely 
improve next month, however, when the -1.3% m/m Dec result drops out of 
the calculation.