Retail sales volumes dipped by 0.3% in February, while a Reuters consensus was calling for a 0.6% monthly rise.

As well as soaring inflation, the Office for National Statistics blamed this poor data on stormy weather and the fact that people preferred to spend their money in pubs and restaurants instead of grocery retailers after the government lifted Covid restrictions.

In addition, data from GfK showed that consumer confidence levels fell in March to levels not seen since the 2008 financial crisis. This is due to Inflation reaching a 30-year high of 6.2% in February.

Among stocks, Smiths Group said that first-half pretax profit and revenue rose, and it is confident for the coming years. Meanwhile, United Utilities Group expects a 3% rise in revenue for fiscal 2022.

 

Things to read today:

Traders warn of looming global diesel shortage (Financial Times)

War in Ukraine Forces European Bulls to Unwind Bets (WSJ)

U.S., EU Reach LNG Supply Deal to Cut Dependence on Russia (Bloomberg)