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You can find the current article at its original source at https://www.theguardian.com/business/live/2017/aug/17/uk-retail-sales-to-give-hint-on-consumer-confidence-business-live
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| UK retail sales to give hint on consumer confidence - business live | UK retail sales to give hint on consumer confidence - business live |
| (35 minutes later) | |
| 8.40am BST | |
| 08:40 | |
| Let’s have another look ahead to today’s UK retail sales figures, due for release by the Office for National Statistics at 9.30am. | |
| The British shopper is a hardy soul, not likely to be deterred by global concerns such as the threat of nuclear war, the rise of the far right in the US, or the impending four-year absence of Big Ben’s bongs. | |
| This resilience in the face of adversity is one reason why pundits expect a rise, albeit a modest one of 0.2%, in July retail sales. That’s a slowdown on 0.6% in June but any increase is better than nothing. | |
| Here’s one more comment from Michael Hewson at CMC Markets:- | |
| The squeeze on consumer incomes has been particularly apparent in this year’s retail sales data which got off to a poor start in Q1, but did improve somewhat in Q2, with a decent rebound at the end of the quarter. | |
| As Q3 gets underway there is some optimism that the July numbers will also show an improvement, if last week’s BRC retail sales numbers are any guide. | |
| They do tend to act as a leading indicator to the official numbers, and show a modest improvement last week, with today’s retail sales numbers expected to show a rise of 0.2%, down from June’s 0.6% | |
| 8.09am BST | |
| 08:09 | |
| Kingfisher and Rank weigh on FTSE | |
| The FTSE has been open nearly 10 minutes now and is down around 15 points at 7417, after Kingfisher reported a worse-than-expected second quarter performance for its DIY chain B&Q. | |
| Here’s Panmure Gordon’s veteran City analyst David Buik with a brief glimpse at the numbers. | |
| KINGFISHER like-for-like sales 2nd Q -1.9% - B&Q 2nd Q sales down 7.7%, - Like-for-like sales 4.7% - a little worse than expected | |
| And there was nothing to shout “House” about either at Mecca Bingo owner Rank Group, where full year pre-tax profit is down 7% to £79.7m on revenues broadly flat at £707m. | |
| Updated | |
| at 8.14am BST | |
| 8.05am BST | 8.05am BST |
| 08:05 | 08:05 |
| Michael Hewson, chief market analyst at CMC Markets, has been reading the runes regarding the ECB’s plans, with one eye on the meeting of central bank minds at next week’s Jackson Hole symposium. | Michael Hewson, chief market analyst at CMC Markets, has been reading the runes regarding the ECB’s plans, with one eye on the meeting of central bank minds at next week’s Jackson Hole symposium. |
| We saw a another decent day for European markets yesterday helped in no small part by a report citing European Central Bank sources that ECB President Mario Draghi would not be making any references to monetary policy at next week’s Jackson Hole annual central bank symposium. | We saw a another decent day for European markets yesterday helped in no small part by a report citing European Central Bank sources that ECB President Mario Draghi would not be making any references to monetary policy at next week’s Jackson Hole annual central bank symposium. |
| This helped push the euro towards its lowest levels this month against the US dollar, while helping support European stocks. | This helped push the euro towards its lowest levels this month against the US dollar, while helping support European stocks. |
| Speculation had been building that we might get an early steer on the ECB’s intentions with respect to the slow winding down of the banks €60bn a month stimulus program. The report went on to say that any discussion would have to wait until the autumn, which suggests that we may well have to wait until the October meeting, before the ECB looks at showing its hand, on the timing of any tapering program. | Speculation had been building that we might get an early steer on the ECB’s intentions with respect to the slow winding down of the banks €60bn a month stimulus program. The report went on to say that any discussion would have to wait until the autumn, which suggests that we may well have to wait until the October meeting, before the ECB looks at showing its hand, on the timing of any tapering program. |
| 7.58am BST | 7.58am BST |
| 07:58 | 07:58 |
| Stock markets have been on something of a winning streak of late but that looks like it might come to an end today. | Stock markets have been on something of a winning streak of late but that looks like it might come to an end today. |
| It’s red ink across the board, according opening calls from the folks at IG. | It’s red ink across the board, according opening calls from the folks at IG. |
| Our European opening calls:$FTSE 7410 -0.30%$DAX 12227 -0.30%$CAC 5159 -0.34%$IBEX 10522 -0.22%$MIB 21899 -0.39% | Our European opening calls:$FTSE 7410 -0.30%$DAX 12227 -0.30%$CAC 5159 -0.34%$IBEX 10522 -0.22%$MIB 21899 -0.39% |
| 7.57am BST | 7.57am BST |
| 07:57 | 07:57 |
| Agenda: UK retail sales and US jobs data | Agenda: UK retail sales and US jobs data |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| July retail sales due for release at 9.30am will give us an inkling of how the UK consumer is faring given the ongoing squeeze on household incomes, which persists despite inflation coming in lower than expected earlier this week. Eurozone inflation data is out half an hour later at 10am. | July retail sales due for release at 9.30am will give us an inkling of how the UK consumer is faring given the ongoing squeeze on household incomes, which persists despite inflation coming in lower than expected earlier this week. Eurozone inflation data is out half an hour later at 10am. |
| Monetary policy on both sides of the Atlantic is also in focus, after minutes of the Federal Reserve came out last night indicating a divide over when to raise rates. | Monetary policy on both sides of the Atlantic is also in focus, after minutes of the Federal Reserve came out last night indicating a divide over when to raise rates. |
| European Central Bank minutes are due for release at 12.30pm today, with analysts watching out for some sign of the Bank’s €60bn-a-month stimulus programme being unwound. | European Central Bank minutes are due for release at 12.30pm today, with analysts watching out for some sign of the Bank’s €60bn-a-month stimulus programme being unwound. |
| In the City, there are are financial performance figures from casino and bingo firm Rank and Kingfisher, the group behind DIY brand B&Q. | In the City, there are are financial performance figures from casino and bingo firm Rank and Kingfisher, the group behind DIY brand B&Q. |
| On today’s agenda: | On today’s agenda: |
| • 9.30 BST: UK retail sales for July• 10.00 BST: Eurozone inflation data• 12.30 BST: European Central Bank minutes | • 9.30 BST: UK retail sales for July• 10.00 BST: Eurozone inflation data• 12.30 BST: European Central Bank minutes |
| Updated | Updated |
| at 8.01am BST | at 8.01am BST |