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London pre-open: Stocks seen down as investors mull retail sales
(Sharecast News) - London stocks were set to fall at the open on Friday following downbeat US and Asian sessions, as investors digest the latest UK retail sales data. The FTSE 100 was called to open 20 points lower at 7,992.
Figures released earlier by the Office for National Statistics showed that retail sales unexpectedly rose in January, up 0.5% on the month following a 1.2% decline in December. Economists had been expecting a 0.3% fall.
On the year, retail sales were down 5.1% in January following a 6.1% decline the month before and versus expectations for a 5.5% fall.
ONS director of economic statistics Darren Morgan said: "After December's steep fall, retail sales picked up slightly in January, although the general trend remains one of decline.
"In the latest month, as prices continue to fall at the pumps, fuel sales have risen.
"Meanwhile, discounting helped boost sales for online retailers as well as jewellers, cosmetic stores and carpet and furnishing shops.
"However, after four months of consecutive growth, clothing store sales fell back sharply."
In corporate news, NatWest said annual profits rose by more than a third and unveiled a £800m share buyback as it cashed in on surging interest rates, despite a net impairment charge of £337m.
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