UK: Evidence on retail sales in July has been mixed – Nomura

Analysts at Nomura offer a sneak peek into today’s UK retail sales report due to be released at 0830 GMT.

Key Quotes:

“Evidence on retail sales in July has been mixed. The reported balance of the CBI distributive trades survey was around its long-run average, while the BRC reported the slowest growth in sales values for three months.”

“The hot weather may have also influenced the pattern of sales, but it is by no means obvious in which direction (in a recent research report we argued that the effect may be insignificantly negative). Even a small monthly rise would increase the annual average pace of growth in official sales to its highest for over a year.”