U.K. Retail Sales (MoM) For December -2.4% Vs. 1.1% Est.; 0.2% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
U.K. retail sales for December 2022 saw a significant decline of 2.4%, which was below the estimated 1.1% increase. This figure also represents a downturn from the prior month's revised 0.2% growth.
January 19, 2024 | 7:11 am
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NEGATIVE IMPACT
The iShares MSCI United Kingdom ETF (EWU) may face downward pressure due to the unexpected decline in U.K. retail sales, indicating a potential economic slowdown.
As EWU tracks the investment results of an index composed of U.K. equities, the worse-than-expected retail sales data suggests a weakening consumer sector, which could negatively affect the U.K. economy and, consequently, the performance of the ETF in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80