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Analysts at Nomura suggest that evidence on UK’s retail sales in July has been mixed.

Key Quotes

“The reported balance of the CBI distributive trades survey was around its long-run average, while the BRC reported the slowest growth in sales values for three months.”

“The hot weather may have also influenced the pattern of sales, but it is by no means obvious in which direction (in a recent research report we argued that the effect may be insignificantly negative). Even a small monthly rise would increase the annual average pace of growth in official sales to its highest for over a year.”