{"id":9989,"date":"2021-05-21T09:26:44","date_gmt":"2021-05-21T09:26:44","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/05\/21\/ftse-100-dips-despite-upbeat-data\/"},"modified":"2021-05-21T09:26:44","modified_gmt":"2021-05-21T09:26:44","slug":"ftse-100-dips-despite-upbeat-data","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/05\/21\/ftse-100-dips-despite-upbeat-data\/","title":{"rendered":"FTSE 100 Dips Despite Upbeat Data"},"content":{"rendered":"
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U.K. stocks edged lower on Friday, even as a much bigger than expected jump in retail sales supported the view that the economic recovery will be fast and full.<\/p>\n

Retail sales expanded 9.2 percent month-on-month, faster than the 5.1 percent increase in March and the economists’ forecast of +4.5 percent as non-essential stores reopened. Moreover, this was the biggest increase since June 2020, when sales were up 13.9 percent.<\/p>\n

On a yearly basis, retail sales volume grew sharply by 42.4 percent, after rising 7.2 percent in March. Economists had forecast an annual increase of 36.8 percent.<\/p>\n

Earlier in the day, survey results from the market research group GfK showed that confidence among consumers bounced back to its pre-lockdown level in May. The consumer sentiment index rose six points to -9 in May.<\/p>\n

Separately, IHS Markit said that U.K. private sector is growing at its fastest pace in at least two decades this month. <\/p>\n

The benchmark FTSE 100 dropped 16 points, or 0.3 percent, to 6,995 after closing 1 percent higher on Thursday.<\/p>\n

Banks fell broadly, with HSBC Holdings and Standard Chartered falling around 1 percent. <\/p>\n

Miners traded mixed, while oil firms BP Plc and Royal Dutch Shell were marginally higher. <\/p>\n

Electra Private Equity surged 4.7 percent after the private equity firm unveiled plans to list TGI Fridays and Hotter Shoes. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n