The April UK retail sales data provided a big upward surprise with an increase of 1.2% mom. This number is highly suspect and even if genuine is a result of the variable timing of Easter. Thus we should not expect such buoyancy to be replicated in the CBI Distributive Trades survey for May. In April, the survey reported balance of sales was +12 whereas orders plummeted from +10 to -8. “We expect a fall in the sales balance and a bounce in orders”,said Societe Generale in a report on Tuesday.
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