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Analysts at TD Securities note that the UK retail sales came in flat in April, against market expectations of a small decline.

Key Quotes

“Most categories, however, showed declines in April, with Clothing & Footwear the only major category to show a gain (+2.3% m/m), reportedly on the good weather. Household Goods fell 2.6% m/m.”

“Theresa May announced this morning that she will step down as leader of the Conservative party on June 7, with a leadership election set to start the following week. May will remain as Prime Minister until the leadership contest is complete. Betting markets indicate Boris Johnson is the favoured to become the next leader.”