The UK’s blue-chip FTSE 100 index fell 1.21% in Tuesday’s closing trade as investors assessed another round of corporate earnings as well as the latest retail sales report.
Data from the British Retail Consortium showed a further slowdown in retail sales growth to 0.9% on a like-for-like basis in February from 2.5% in the previous month, missing the consensus estimate of a 2.4% increase. The rise was primarily attributed to spending for Valentine’s Day in an otherwise subdued consumer sales environment and cost-of-living crisis.
“Consumers remain cautious with their spending and many are continuing to prioritize saving, travel and experiences,” said KPMG’s UK head of consumer, retail and leisure, Linda Ellett. “Nervousness about the economy is deferring other big ticket purchasing, but occasions and offers are still tempting shoppers into some impulsive spending.”
In corporate news, homebuilder Persimmon PSN was the top gainer on the…
