European stock markets showed mixed results on Friday as investors analyzed new retail sales data released by the Office for National Statistics (ONS). Attention is also turning toward the upcoming budget for insights into potential actions by Chancellor Rachel Reeves.
Market Performance
At the start of trading, the FTSE 100 index (^FTSE) declined by 0.3%. Meanwhile, Germany’s DAX (^GDAXI) remained stable, and France’s CAC 40 (^FCHI) increased by 0.2%. The pan-European STOXX 600 index (^STOXX) reported little change overall.
Retail Sales Data
The ONS revealed that UK retail sales volumes increased by 0.3% in September 2024, surpassing expectations. This follows a notable rise of 1% in August 2024.
In the year leading up to September 2024, retail sales volumes experienced a significant annual increase of 3.9%, marking the largest rise since February 2022.
Expert Insights
Lisa Hooker, leader of consumer markets at PwC UK, commented on the data: “The retail sales figures for September indicate a recovery in consumer sentiment following the general election. However, this improvement is still fragile and uneven across different retail sectors. Factors like better weather and discounts have boosted sales in certain categories, but there remains caution regarding larger household purchases.”
Related topics:
