U.K. Core Retail Sales (YoY) For June -0.8% Vs. 0.2% Est.; 1.6% (Revised) Prior
Portfolio Pulse from Benzinga Newsdesk
U.K. Core Retail Sales for June decreased by 0.8% year-over-year, missing the estimated increase of 0.2% and down from the revised 1.6% growth in the prior period.
July 19, 2024 | 6:03 am
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NEGATIVE IMPACT
The iShares MSCI United Kingdom ETF (EWU) may experience short-term pressure due to the unexpected decline in U.K. Core Retail Sales for June, which fell by 0.8% YoY against an estimated 0.2% increase.
The decline in U.K. Core Retail Sales indicates weaker consumer spending, which could negatively impact the performance of U.K.-focused ETFs like EWU. The miss against estimates and the drop from the prior period's revised growth further emphasize potential short-term downside.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80