Warm Weather and World Cup Boost Jul Retail.>

UK DATA: Warm Weather and World Cup Boost Jul Retail Sales    

-UK Jul Total Retail Sales +0.7% m/m; +3.5% y/y; +2.1% 3m/3m

-UK Jun Retail Sales Ex-Fuel +0.9% m/m; +3.7% y/y; +2.1% 3m/3m

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July retail sales surprised analyst expectations by 0.7pp to the 

upside by rising 0.7% m/m. Supporting the strong bounceback from a weak 

June with the warm weather and the World Cup facilitating continued 

strength in food sales. Despite the ONS seasonally adjusting for 

anticipated clothing and footwear promotions in July, textiles clothing 

and footwear still achieved 1.5% m/m growth. As the MNI preview 

highlighted, the recent strength in household goods stores appeared 

temporary and weather-related in nature. DIY stores noted a reduction in 

footfall. Q/Q retail sales was revised down to 2.0% but this was not 

enough to alter Q2 GDP.