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UK retail sales jump by almost 10% in April

May 24, 2021

Examining the major markets in this week's edition of Market Monday; the UK has seen a rise in retail sales following the further easing of coronavirus restrictions, US exchanges experienced a mixed week of trading and China records a slowdown in domestic construction.

Starting in the UK, consumer price inflation accelerated to 1.5% in April from 0.7% in March, driven by bigger regulated gas and electricity bills and higher clothing prices. Meanwhile, as some lockdown restrictions were lifted, retail sales volumes jumped 9.2% year-over-year in April. A survey by GfK also found that UK consumer sentiment had risen back to levels last seen in March 2020.

Heading to the US, stocks posted mixed results in a volatile week of trading, with the large-cap S&P 500 Index ending modestly lower and the tech-heavy Nasdaq Composite Index gaining a little ground. These mixed results likely reflect strength in the U.S. economy, as well as concerns about inflation and the timing of when the Federal Reserve might begin to rein in its accommodative policies.

In China, economic data is mixed with strong external demand offsetting softer domestic demand as residential construction and infrastructure investment slowed. Retail sales growth slowed to 4.3% in April on the two-year average, down from March retail sales growth of 6.4%. A resurgence of coronavirus cases in several Chinese provinces has raised worries that COVID-19 still has potential to stifle a recovery in household consumption.

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