UK retail sales disappointed - BBH
|Research Team at BBH, notes that the UK retail sales disappointed, stagnating for a second month in September.
Key Quotes
“The median had expected a 0.3% increase. The negativity may have been dampened somewhat by the upward revision to the August from -0.2% to 0. A combination of factors seems to be at work, including unseasonably warm weather and rising prices. For example, clothes and footwear sales were off 2.8%, which may have a seasonal component, while prices were up over 5%.
Sterling has been unable to poke above $1.23 thus far today, for the first time since Monday. A $1.2220-$1.2320 range may be the most in sterling's tank today. There is a risk of negative headlines coming from the EU heads of state summit that begins today. It is UK Prime Minister's first summit. While Brexit may not be formally on the agenda, it will be among the 800-pound gorillas in the room (alongside national politics, which could produce new governments France, Germany, Netherlands, and possibly Italy). For many EU leaders, there can be no soft Brexit, if that means the UK retains access to the single market and limits EU migration.”
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