UK: Retail sales likely to bounce 0.8% in April – Nomura

Analysts at Nomura are looking for a 0.8% monthly bounce for UK’s retail sales for April.

Key Quotes

“There are many moving parts to April retail sales: 1) the BRC survey was weak (largely due to Easter timing effects which should not affect the official data); 2) the CBI survey was also soft; 3) the March official outturn was weak due in part to the snow; and 4) April’s reading could be buoyed by the onset of better weather. Taking all of this into consideration, we look for a 0.8% monthly bounce, though even that would reduce the 3mma annual rate to below 1%.”