UK: Focus on retail sales - Nomura

Analysts at Nomura suggest that there are various upside and downside influences on official UK retail sales volumes in June.

Key Quotes

“On the positive side, warm and dry weather (the warmest June for 15 years, driest since 1925) probably helped sales, alongside (according to the BRC) World Cup-related TV sales. And the CBI measure of sales volumes duly picked up sharply. However, on the negative side BRC sales growth slowed relative to May, and two sizable monthly rises in official sales volumes in April and May risk being partly reversed. Taking all of that into account we forecast a flat official sales reading in June.”