Rolling coverage of the latest business and markets news, as Brexit jitters and retail data put investors on edge
The shift to online shopping has helped cushion the blow of lockdown for the wider UK retail sector.
ING’s developed markets economist James Smith explains:
All things considered, the fact that UK retail sales (ex fuel) fell by ‘only’ 2.6% in November is pretty remarkable. This means that despite lockdowns across most of the UK, the level of spending is still higher than where it was in August, and comfortably above its pre-virus level.
Unsurprisingly though, this solid aggregate performance masks huge shifts in spending patterns beneath the surface.
European stocks have reversed their losses since the open, with nearly all major indexes now trading in the black:
