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FTSE 100 Off Day's Lows As Retail Sales Log Unexpected Growth
(RTTNews) - U.K. stocks were subdued on Friday, as inflation and interest-rate worries overshadowed upbeat retail sales data for May.
Retail sales logged an unexpected growth in May as bank holidays and warm weather boosted demand for outdoor-related goods and summer clothing.
Retail sales grew at a pace of 0.3 percent in May from April, the Office for National Statistics reported. This was in contrast to the expected fall of 0.2 percent. Nonetheless, the pace of growth slowed from April's 0.5 percent increase.
On a yearly basis, retail sales declined at a slower pace of 2.1 percent after a 3.4 percent fall in April. The decrease was also slower than economists' forecast of 2.6 percent drop.
Separately, British consumer confidence rose for the fifth consecutive month in June to hit a 17-month high, a closely watched survey revealed.
Market research group GfK said its consumer sentiment index rose to -24 in June from -27 in May.
The benchmark FTSE 100 was down 9 points, or 0.1 percent, at 7,493 after losing 0.8 percent in the previous session.
In corporate news, GSK jumped more than 6 percent after settling a Zantac suit in the U.S. to avoid a protracted legal fight.
Housebuilders fell across the board amid soaring mortgage costs.
Taylor Wimpey dropped 2.1 percent, Persimmon lost 3 percent and Barratt Developments shed 2 percent.
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