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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK DATA
MNI (London)
UK retail sales were slightly stronger than expectations in October, expanding by 0.6% m/m (+0.3% ex fuel) following a -1.5% m/m contraction.
- Sales remained -6.1% y/y below October 2021 levels. According to an ONS spokesperson, overall sales volumes were 0.6% below February 2020 levels.
- The October pickup is partly a reflection of September's additional public holiday and as such masks weaker sales growth.
- This coincides with consumer confidence hovering around historic lows, as high energy, food and mortgage prices continue to squeeze disposable incomes.
- "Following (Thursday's) Budget, the Office for Budget Responsibility pointed to a 7% real-terms decline in household income which is going to be a terrible weight on sentiment in coming months," Joe Staton, the head of GFK's Client Strategy told MNI Thursday.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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