UK retail sales volumes to fall in July - HSBC

HSBC analysts offer a sneak peek on what to expect from the UK retail sales report, which will be reported at 0830GMT later today.

Key Quotes:

“UK retail sales held up reasonably well in June, aided perhaps by better weather and lower petrol prices.

For July, early indicators have been somewhat poor: the VISA consumer spending index was down in y-o-y terms for the third consecutive month, while the BRC index was held up only by food sales: discretionary spending was down 0.7% 3m/3m. So, we expect sales volumes to fall in July. And with some strong base effects for July 2016, this could take the y-o-y rate to a new four-year low.”