Davy Research

Market comment

UK consumer sentiment at odds with spending data

DAVY VIEW

UK Gfk consumer confidence fell to a post-Brexit low of -12 in July down from -10 in June and worse than the consensus expectation. Nonetheless, despite the worsening sentiment surveys, retail data suggest UK households continue to spend fuelled by leverage and savings rundown. Retail sales bounced back in June following a couple of softer months and yesterday’s CBI survey of retailers pointed to a weather-related bounce in sales in July.

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