News and Reviews European Economic Zone

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News and Review of European Economic Zone (France)

 

French Industrial Production Rebounds In April

Tuesday, June 10, 2014

 

Total industrial production in France rebounded in April to the increase of production in the manufacturing and energy sectors, in the report by the national statistics bureau Insee on Tuesday.

 

Total industrial production rose 0.3% in April from March, and Insee revised up reading in March to a contraction of 0.4% from the 0.7% contraction in the previous reading.

 

French industrial production has moved to fluctuate during the early months of this year, restrained by weak energy production because the weather is quite friendly.

 

Production during the last three months to April were below 1% than the same period a year ago. However, manufacturing production, outside of energy, has risen, rose by 1.1% in the same period.

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News and Review of European Economic Zone (UK)

 

UK Manufacturing Output Up in April

Tuesday, June 10, 2014

 

UK economy again showed his toughness, UK manufacturing output grew in five consecutive months in April. The output data showed UK economic recovery is spreading out the consumer spending sector. Office for National Statistics said manufacturing output grew 0.4% in April from the previous month, according to economists' expectations. While over the same period the previous year output grew by 4.4%, and became the highest since February 2011. ONS also said that the last time manufacturing output grew more than five months in a row between February through November 2010.

 

ONS data showed the manufacturing of transportation equipment, especially vehicles and trailers, became one of the main contributors to the growth of manufacturing output in April, followed by the food, beverage, and tobacco.

 

Increased output in the industrial sector provide a good initial picture for the UK economy in the second quarter, and the Bank of England and the British government welcomed the possibility of such data. Neither the BOE nor the British government expressed the need for an increase in the export of goods to ensure the continued economic recovery of the UK.

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News and Review of European Economic Zone (Italy)

 

Italian Industrial Output Up in April

Tuesday, June 10, 2014

 

For the first time since January, Italian industrial output rose in April. Istat said the industrial output of the third largest economy in the euro zone rose 0.7%, higher than economists' forecasts of 0.4%. All sectors reported an increase except capital goods sector.

 

Led by a rise in the energy sector output sebesat 3.0%, while the capital goods sector, which is the weakness of the economic recovery Faktior Italy fell by 1.3%. Production of durable goods rose 1.3%, while non-durable goods such as clothing rose 2.4%.

 

When compared with the previous year, Italian industrial output rose 1.6%. Istat also revised up its output in March to -0.4 from the previous release of -0.5

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News and Review of European Economic Zone (UK)

 

UK Unemployment Rate Back Down

Wednesday, June 11, 2014

 

The unemployment rate in the UK fell to its lowest level in more than five years as the economic recovery get momentum.

 

The unemployment rate is measured using the method of the International Labour Organization fell to 6.6% in the three months to April from 6.8% in the first quarter, in the report by the Office for National Statistics said today in London. The median estimate in a Bloomberg survey called for a reading at the level of 6.7%.

 

Bank of England officials have pledged to keep interest rates at a record low of 0.5% to the loosening of the labor market completely. Policy makers are divided on the amount of capacity remaining, with some shows that the first rate hike might be getting close to time.

 

"Over the coming months we expect the unemployment rate will go down, chances towards the 6% level," said Stuart Green, an economist at Santander SA in London. "We see that the increase in interest rates for the first time will come in November, and most of it is influenced by the strength of the job market."

 

Jobless claims fell 27,400 in the UK in May, compared with forecasts for a decline of 25,000 in a Bloomberg survey. That is a decline for the 19th time in a row. In April, despite claims fell 28,400 in the previous report showed a decline of 25,100

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News and Review of European Economic Zone (UK)

 

NIESR: UK Economy Reaches Pre-Recession Peak

Wednesday, June 11, 2014

 

Britain's economic recovery is likely to have returned to pre-recession peak, it was said by the National Institute of Economic and Social Researh which estimates the UK's gross domestic product rose 0.9% in the three months ended May The development is likely to make the Bank of England officials to discuss when it is appropriate to raise interest rates.

 

Publication of the NIESR released after data showed UK industrial production rose three consecutive months until April. Office for National Statistics reported industrial production rose 0.4% from the previous month. While industrial production in March was revised up to 0.1% from the previous release of -0.1%. Compared with the three months to April 2013, industrial production rose 3%, the highest since 2011. Strengthening these will likely be even higher if not a decline in output of 1.1% in the electricity and gas sectors, which decreases approximately 1% of industrial production.

 

The ONS also reported that manufacturing output grew 0.4% in April from the previous month, and have risen in five consecutive months. The last time manufacturing output grew more than five months in a row between February to November 2010.

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News and Review of European Economic Zone (France)

 

French Industrial Output Rebounds in April

Wednesday, June 11, 2014

 

French statistics bureau, Insee said French industrial output rebounded in April, supported by the manufacturing and energy sectors. Insee reported industrial output rose 0.3% in April from the previous month. While for March was revised up to -0.4% from -0.7% the previous release.

 

French industrial output during the early months of this year is still slack, due to weak output of the energy sector. Output during the three months to April was below 1% from the same period the previous year. However, if the energy sector is not included in the calculation, manufacturing output increased 1.1% from the same period the previous year.

 

Another report from the Euro zone today showed Italian industrial output in April rose for the first time since January. Istat said the industrial output of the third largest economy in the euro zone rose 0.7% in April, higher than economists' forecasts of 0.4%

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News and Review of European Economic Zone (France)

 

Consumer prices in France Moves Slow in May

Thursday, June 12, 2014

 

French consumer prices unchanged in May from April and rose just 0.7% this year, in the report by the statistics bureau Insee on Thursday.

 

The decline in the price of energy and manufactured goods in Balance by rising food prices, according to a report from Insee. The eknom surveyed by the Wall Street Journal earlier expected to rise slightly by 0.1% in May and up 0.7% this year.

 

Reports in May marks the stagnant consumer prices for the second month in a row and for the increase in the annual rate of only 0.7%.

 

Slow price increases in the euro zone has prompted the European Central Bank to take extraordinary action to push inflation last week, which including rate cuts and programs that provide cheap loans to banks providing loans to companies.

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News and Review of European Economic Zone

 

Euro Zone Industrial Output Rises in April

Thursday, June 12, 2014

 

Industrial output in the 18 countries that use the euro currency rose in April, and grew at the fastest pace since November. This indicates that economic growth may have accelerated in the 2nd quarter after a weak start to the year 2014.

 

European Union's statistics agency, Eurostat, on Thursday said that the factories, utilities and mining companies increase their output by 0.8% from March, which exceeded expectations for a rise of 0.4% from economists. At an annual rate, reported output grew 1.4% from the same period the previous year.

 

The increase in industrial production into other evidence that leads to a stronger growth rate in the 2nd quarter. Previously, business surveys and data released last week also showed a rise in retail sales rose in April to an annual rate grew at the fastest pace since March 2007.

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News and Review of European Economic Zone

 

ECB: Risk of Deflation Has Been Reduced

Thursday, June 12, 2014

 

The euro zone is not on the verge of deflation, although the observed inflation has decreased, according to the European Central Bank on Thursday. "Current conditions do not indicate if the episodes have deflation approaching," said the European Central Bank in its monthly report.

 

Previously ECB officials have repeatedly confirmed if they have not seen evidence of sustained decrease in consumer prices, otherwise known as deflation. But last week the ECB just cut interest rates and bank lending program launches worth € 400 billion ($ 541 billion), following a decline in the Euro zone annual inflation rate to its lowest level in more than 4 years. Euro bloc reported annual inflation down to 0.5% in May, well below the target of 2% approaching the central bank.

 

Low inflation will be more difficult for Southern European countries are fragile to reduce government and household debt, or to cut labor costs to increase competitiveness with Germany and Euro countries other healthy. Sustained decline in prices will encourage consumers to postpone purchases, as well as remove one of the important pillars of economic growth.

 

On the same occasion the ECB also presents the latest inflation projection, which is expected to rise gradually to reach 1.5% in the last quarter of 2016. Projected economic growth will accelerate gradually, with increasing competitiveness of export support euro zone. While at the same time, the unemployment rate is expected to move away from the highest level and help push prices higher

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News and Review of European Economic Zone (UK)

 

UK House Prices Go Up

Thursday, June 12, 2014

 

Although the UK housing market began to attract attention to the possibility of a bubble, but house prices in the UK back in May showed an increase in inventory due to lack of homes. The equilibrium price of the Royal Institution of Chartered Surveyors (RICS) in May rose to +57, from +55 in the previous month, as well as break-down to +52 expectations by economists.

 

Although house prices continue to climb, from RICS survey showed a drop in demand from buyers due to banks start tightening credit rules, and the London area showed a decrease in demand for new homes for the first time since June 2012. RICS chief economist, Simon Rubnsohn, said the strong upward momentum began to decline after the buyers and the housing market saw sales at the level of "alert".

 

Bank of England increase their vigilance against the housing market in the UK, and began to consider how and when they will raise interest rates after the UK economy continues to show signs of strengthening.

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News and Review of European Economic Zone (Switzerland)

 

Swiss Government Start worrying about Housing Market

Friday, June 13, 2014

 

The Swiss government is considering a new policy to reduce the level of demand in the housing market amid concerns that high levels of household debt in Switzerland can trigger keruntuhkan real estate sector if the economy falls into recession, according to one senior financial officers. The International Monetary Fund has warned of rising house prices around the world and last month urged Switzerland to impose a more aggressive policy to reduce the level of demand for housing loans.

 

The level of house prices and housing loans have risen to a record high in Switzerland, triggered by very low interest rates imposed by the Swiss central bank to reduce the appeal of safe-haven franc and ward off a recession. This has raised concerns with the government, which has ordered the finance ministry to consider the options available to reduce the level of demand for housing loans, said Serge Gaillard, Director of the Department of Finance.

 

"Currently there is no indication of a collapse, but if the mortgage rate continues to increase and second hand house prices continue to rise, then there may be a risk that the next recession will occur along with the collapse of the housing market," said Gaillard.

 

Governments around the world have introduced a number of non-monetary policy in the past two years to reduce house price inflation and the growth rate of the loan so that the borrower and the bank will be protected when interest rates rise from low levels. The IMF has also been suggested that the UK housing market meredakaan by limiting risky mortgages. Gaillard said the finance department has been considering three options approach, including more stringent borrowing limits, tightening the criteria kerdit housing, and accelerated amortization mortgages.

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News and Review of European Economic Zone (UK)

 

Pound Rally Up Against Euro Due to Carney Statement

Friday, June 13, 2014

 

The pound reached its strongest level in 19 months against the euro after the governor of the Bank of England has said it can Rev of record low interest rates sooner than investors anticipated.

 

Sterling rose to its highest level in a month against the dollar although Carney said that higher borrowing costs will likely increase the number of homeowner debt and derail the recovery. Before Carney speech, more than 29 financial institutions surveyed by Bloomberg memperdiksi that the Bank of England interest rates will rise in March, while the institution futures contracts based on the average interest rate on interbank sterling, or that called Sonia, show Investors are betting that the benchmark interest rate will rise 25 bps in May.

 

Pound appreciated by 0.2% to 0.7990 per euro at 14:17 pm after reaching 0.7985, the strongest level since 13 November 2012. Pound rose for an eighth day against the euro currency area, it is the longest rally since April 2010. Sterling rose by 0.3% to $ 1.6980 and rose to $ 1.6987, the highest level since May 6.

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News and Review of European Economic Zone

 

Euro Soar Above Statement of ECB officials

Monday, June 16, 2014

 

The euro rose on Monday as Bloomberg reported 2 European central bank officials said that the ECB will likely delay the launch of new stimulus measures in the middle they are reviewing the financial balance sheets of banks in the euro area. ECB announce stimulus measures on June 5 as part of a package of measures designed to ward off inflation and spur lending, which has weakened the euro. At present the effectiveness of such measures which are intended to encourage lending in the euro zone will be less convincing if banks refrain from lending for asset valuation, if it happens, the possibility of launching a new stimulus that would weaken the euro may be delayed. After the report the euro soared to $ 1.3578 from $ 1.3534 before the story was published, the euro moved in the range of 138.19 per yen from 137.81.

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News and Review of European Economic Zone (UK)

 

BOE's Bean: Interest Rate Increase Signal recovery in an economy

Monday, June 16, 2014

 

Deputy Governor of the Bank of England, Charlie Bean, said the first rise in interest rates from record lows today is an indication that the UK economy getting back to normal.

 

"The rise in interest rates would be a symbolic step, since this would be an indication of our economy back to normal. I would welcome the normalization path as a demonstration of the economy is recovering "said Bean

 

Gunernur BOE, Mark Carney, on 12 June, said interest rates will likely rise faster than expected investor, he worried about the increase in mortgage debt can interfere with the UK economic recovery.

 

British gross domestic product in the first quarter last bereskpansi 0.8%, and is on track highest growth among the G7 countries. UK unemployment rate in the three months ended April at 6.6% down from 6.8% the previous month, and the lowest since January 2009. While division Halifax Lloyds Banking Group Plc. said average house prices in the UK rose 3.9% in May to £ 184,464, and became the highest in the last six years.

 

Carney said last week the Financial Policy Committee (FPC) can use macroprudential policies to maintain the financial stability of the UK housing market surges, and the policy is said to provide an opportunity for the central bank to keep interest rates at record lows to sustain the economic recovery. Bean also said that steps may be taken FPC should be viewed as a problem of prevention in the future.

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News and Review of European Economic Zone

 

Eurozone Inflation Eases Back in May

Monday, June 16, 2014

 

Eurozone inflation rate slowed again in May, confirmed by the data on Monday, as the cost of telecommunications and curbing food price increases, confirming the problems faced by the European Central Bank recently. Eurozone inflation rate rose by 0.5% to an annual rate in May, is in 'danger zone' below 1%, according to the EU's statistics office, Eurostat. Of inflation fell as much as 0.1% for the monthly rate in May, with the cost of services fell as much as 0.2% compared to April. This confirms the pressing issue price trend of debt-stricken countries and trigger action from the European Central Bank recently.

 

In June, the ECB became the first major central bank to introduce negative interest rate savings. The ECB also launched a cheap loan with a tenor of 4 years on the banks to encourage lending to the company level. ECB President Mario Draghi said he was ready to re-take action, making investors guessing when he will start to buy assets such as bonds (quantitative easing).

 

Benoit Coeure ECB policy board on Friday after the large-scale asset purchases is not necessary for the moment, because of the euro zone are not in deflation. However, the three eurozone countries experiencing price deflation. Greek consumer inflation fell as much as 2.1% in May compared with a year ago after declining by 1.6% in April. The annual inflation rate in Portugal is at -0.3% in May. And Cyprus scored a rate of -0.1%. Rarta rate of annual inflation rate in the euro zone was at 0.9% in May, just Luksembur, Austria, Slovenia, and Finland who have lanju annual inflation of 1% or more. Core inflation rate, outside of the price of energy, food, alcohol, and tobacco, fell as much as 0.7% in May from 1% in bilan April. Energy prices for flat annual rate. The ECB recently cut its forecast for eurozone inflation rate in June, predicts inflation will reach 1.4% in 2016, well below the 2% target in the near.

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News and Review of European Economic Zone

 

The ECB It appears will refrain Adding Stimulus

Monday, June 16, 2014

 

European Central Bank is likely to refrain from taking new stimulus package in the coming months as reviewing the balance sheet of banks, according to two senior euro zone central bank is close to the current policy debate. The impact of ECB policy can be damped by the reluctance of the banks increased lending time of assessment, according to the source. Health test bank is scheduled to expire in October. A spokesman for the ECB said that the Policy Council discussed policy measures every month.

 

ECB President Mario Draghi this month released a package of measures, including interest rate dengatif and long-term loans to banks, in order to overcome the threat of deflation in the euro zone. He also said that the pace of the ECB is still not finished and probably will release additional stimulus if needed. If the ECB again to take action before the end of the test the health of banks, it could destabilize the economy and lead to the inflation outlook worsens, according to one senior ECB. ECB Policy Council does not expect such a scenario, although asset purchases would be one option to overcome it, according to sources. ECB spokesman declined to comment further on potential stimulus policies.

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News and Review of European Economic Zone (UK)

 

BoE's Miles Want to Increase Interest in may

Tuesday, June 17, 2014

 

BoE monetary board member, David Miles, voiced a desire for a rate hike in May 2015, according to The Times of London. The British daily wrote even BoE's Miles wants the central bank to raise interest rates before his term expires next year. BoE's Miles has never been called for a change in interest rates, but the pace of economic recovery seems to have managed to change its position. BoE's Miles is a member of the most dovish monetary council of the ninth British central bankers.

 

Comments BoE's Miles certainly confirms market expectations that the Bank of England will raise interest rates next year. BoE Governor Mark Carney has been uttered last week that a rate hike could happen faster than market expectations. BoE minutes will be released June meeting today that will probably give you further instructions over the central bank's monetary policy outlook. Regarding the minutes to be released, the BoE's Miles intimated minutes may show the central bank's desire for an immediate end to the policy of low interest rates that have been running for the last 5 years.

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News and Review of European Economic Zone (Switzerland)

 

Swiss Crop Economy Outlook

Tuesday, June 17, 2014

 

The Swiss government cut its outlook for economic growth in Switzerland as the world's fragile economic recovery that will undermine export performance. "The global economic recovery will continue but will be volatile. Growth in the euro zone economy will be slow," wrote the Swiss Economics Ministry statement. The Swiss government lowered the economic growth outlook for 2014 and 2015 respectively be 2% and 2.6%. This is lower than previous estimates that the Swiss government expects growth to reach 2.2% for 2014 and 2.7% for 2015.

 

Swiss economic activity is increasing as rising exports of goods, and services as well as increased investment in the construction industry. However, the slow recovery of the euro-zone economy, Switzerland's main export market share, it seems the government has succeeded in eroding optimism. However, the government estimates economic growth will remain moderate in which weak export outlook will be offset by strong domestic consumption.

 

Meanwhile, the Swiss franc weakened against the U.S. dollar at the beginning of the London session. USD / CHF is now trading 0.8985; try to stay away from daily low level 0.8963.

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News and Review of European Economic Zone (Germany)

 

German Investor Confidence Drops Back In June

Tuesday, June 17, 2014

 

The level of investor confidence in Germany unexpectedly dropped to its lowest level in six months in June even after the European Central Bank announced a new round of stimulus aimed at preventing deflation and revive growth in the euro zone.

 

The ZEW Center for European Economic Research in Mannheim said that its index of investor and analyst expectations, which aims to predict economic developments six months ahead, fell to 29.8 from 33.1 in May. Economists had expected to rise to 35, according to the median estimate of 35 economists in a Bloomberg survey. The index has dropped every bulannnya since reaching its highest level in seven years in December and currently resides at the lowest level since December 2012.

 

German economic growth slowed in the current quarter after output results supported earlier this year by the hostile winter weather, according to a statement from the Bundesbank. Meanwhile, the outlook for the country with the largest economy in Europe is still healthy, 18 countries in the euro zone is struggling with slow growth and low inflation, has prompted the ECB to launch a package of measures including negative interest rates on deposits and loans long-term banking.

 

"Germany has basically been working premises true," said David Milleker, chief economist at Union Investment GmbH in Frankfurt. "Chances are, after a spectacular economic in the first quarter, this time is the period of cooling."

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News and Review of European Economic Zone (UK)

 

UK Consumer Inflation Low Loss To Level Since 2009

Tuesday, June 17, 2014

 

UK inflation fell to its lowest level in 4 ½ years in May as the decline in the cost of food and transportation, give the Bank of England policy makers to take a breather on speculation higher interest rates.

 

Consumer prices rose 1.5% in May, it is a level unseen since October 2009 and down from a 1.8% in April, in the report by the Office for National Statistics said today in London. The figure compared with the median estimate for a reading of 1.7% in a Bloomberg survey. Inflation remained below the BOE target of 2% level for six months, it is a long period since 2009.

 

The report will give time for the BOE Governor Mark Carney gave a strong economy as an additional pressure on the central bank to end the stimulus that has been running for five years. Investors have been betting on a rate hike this year after Carney said last week that the tightening of monetary policy will probably be done faster than the market anticipated.

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News and Review of European Economic Zone (UK)

 

All MPC Members Agree to Hold Interest Rates and QE

Wednesday, June 18, 2014

 

Committee of the Bank of England policy makers have agreed to maintain the current level of interest rates and the quantitative easing program unchanged at a meeting in June, according to the minutes released on Wednesday. All of the nine members agreed to support leave interest rates at a record low 0.5% and made ​​no changes to its asset purchase program at 375 billion pounds ($ 636 billion). After a series of solid UK economic data, market participants have speculated about when the central bank will be the first time Rev interest rates. At the June meeting, most economists expect monetary tightening will be done the first time in 2015.

 

Minutes revealed that the MPC members in surprise with the "lowest probability attached to a rate hike this year is implied in some financial markets." Central bank also said that they will continue to expect a moderate slowdown in the rate of quarterly growth in the second half of this, however, "a recent survey showed an increase in risk on that assumption." pound slid after the report was released, traded in the range of $ 1.6945, down from $ 1.6966 before the minutes in the release.

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News and Review of European Economic Zone (UK)

 

BOE Minutes Assert Carney's Warning

Wednesday, June 18, 2014

 

Bank of England officials said the chances of a rate hike this year may be even greater than that anticipated by the investor over the debate on tightening kebijaakan time for the first time in 7 years of increasingly heated. In a meeting on June 4 to 5 minutes, the Monetary Policy Committee said the economy can sustain the growth rate, and weakness "will be covered more quickly than previously thought." "In this context, the opportunities that the low interest rate rise by the amount of the financial markets is quite surprising, "said BOE.

 

The meeting was held before Governor Mark Carney said last week that interest rates will probably begin to rise earlier than the market anticipated. His comments prompted investors to advance the time projected rate hike for the first time. Minutes of the line with "Carney warning" on interest rates, said Samuel Tombs, economist at Capital Economics Ltd.. in London. "For now, we think further surprises down the rate of inflation and easing the housing market will delay a rate hike until early 2015. However, opportunities rise in 2014 obviously being strengthened."

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News and Review of European Economic Zone (UK)

 

BOE: Investors Underestimating Possible Interest Rate Increase

Wednesday, June 18, 2014

 

The Bank of England policy makers said that a rate hike this year is more likely to occur than investors anticipated as a time when the debate over monetary tightening first time in seven years has been heating up.

 

As the economy strengthens, the nine-member Monetary Policy Committee said in a meeting on June 4 to 5 minutes that "very low levels of probability has been attached to hike interest rates this year are implicit in some of the financial markets is something of a surprise."

 

Results minutes, which in combination with the commentary on this day of Martin Weale, will trigger further speculation on when it will be pushed borrowing costs after Governor Mark Carney said last week that monetary tightening may be done earlier than the market anticipated. It has encouraged investors to increase bets on at the time for such a move.

 

"Carney had said it all," said Nick Beecroft, senior market analyst at Saxo Capital Markets in London. "Therefore, the results of the minutes does not make something of a surprise, but it gave an idea that the committee is currently divided into about when it is appropriate for monetary tightening."

 

Traders raise the stakes for the high cost of borrowing in December since the comments from Carney. It was implied in the yield of short-sterling contract ended in December rose to 0.93% on June 16, in comparison with the level of 0.73% on June 11.

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News and Review of European Economic Zone (Switzerland)

 

SNB Vows to Defend Franc Exchange Rate Restrictions Against Euro

Thursday, June 19, 2014

 

Swiss National Bank pledged to retain a limit on the franc as the stimulus campaign of the European Central Bank for the euro area continue to apply pressure on the safe-haven currency.

 

The central bank based in Zurich, which is led by Thomas Jordan, hold the upper limit for the franc at 1.20 per euro level and their target range for three-month Libor at zero level to 0.25%, according to the estimates of all economists in a Bloomberg survey.

 

Determination will be undertaken in September 2011 at the height of the financial crisis in the euro zone, with minimal exchange rate has to protect the Swiss economy from deflation and recession. At the time the SNB did not intervene to protect the exchange rate restrictions in nearly two years, has failed to weaken the franc in accordance with the predictions of the central bank amid low inflation and weak growth in the euro zone region.

 

"The SNB will continue to keep the euro area with close supervision," said Martin Gueth, an economist at LBBW in Stuttgart, Germany. "If the crisis appears again, the franc may look great appreciation pressure and levels can immediately test 1:20."

 

Investors nervous about the economic outlook in the euro zone, as well as the conflict between Russia and Ukraine, which has been renewed interest in safe-haven currencies such as the franc, which has appreciated by 0.8% against the euro since the beginning of this year.

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News and Review of European Economic Zone (UK)

 

UK Retail Sales Decline In May

Thursday, June 19, 2014

 

Retail sales in the UK fell for the first time in four months in May World Cup events often fail to offset the decline in demand in food stores.

 

Sales including fuel fell 0.5% from April, in the report by the Office for National Statistics said today in London. That's according to the median estimate of economists in a Bloomberg survey. Food sales fell by 2.4% after surging in the previous month on the Easter holiday. Sales at other retailers jumped by 2.2%, helped by demand for replica football jersey before the start of the World Cup tournament that began earlier this month.

 

Monthly decline probably will not change the market outlook on the UK economy, the data showed that sales in the three-month period rose by 4.9% at the annual level, it almost became the highest in almost a decade. The Bank of England yesterday said that the current recovery looks to be more sustainable and the economy has started to become normal kemnbali.