FTSE 100 Gains On Early Rate Cut Hopes
(RTTNews) - U.K. stocks traded higher on Friday after data showed British retail sales declined more than expected at the end of the year, increasing the odds of an early rate cut by the Bank of England.
Retail sales declined 3.2 percent on month in December, reversing the 1.4 percent increase in November. The decline was also bigger than forecast of 0.5 percent drop.
On a yearly basis, overall retail sales declined 2.4 percent after a 0.2 percent gain.
The benchmark FTSE 100 was up 46 points, or 0.6 percent, at 7,505 after closing 0.2 percent higher on Thursday.
In corporate news, food delivery company Deliveroo edged up slightly after saying it expects 2023 earnings slightly ahead of guidance.
4imprint Group shares jumped 12 percent. The direct marketer of promotional products said that it is expecting profit as well as revenue for the full year to increase from last year.
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