UK stocks rise on upbeat retail sales data, Rio Tinto boost

📆 26/05/2023 13:40:00
📰 Reuters

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UK stocks gained on Friday after data showed retail sales unexpectedly rose in April, highlighting resilience in consumer spending despite elevated inflation, while miner Rio Tinto posted its best day in more than a month on a brokerage upgrade.

Sales volumes over the three months to April grew by the most since mid-2021."While the outlook for retail sales appears to be improving, we expect further rises in interest rates, from 4.50% now to a peak of 5.

.25%," said Ashley Webb, UK economist at Capital Economics.The blue-chip FTSE 100

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