FTSE lags peers as upbeat retail data boost pound [Reuters (UK)]
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Source: Reuters
FTSE lags peers as upbeat retail data boost pound | Reuters 2 Min Read LONDON (Reuters) - UK shares lagged their European peers on a trade war relief rally on Thursday, after better-than-expected UK retail data boosted the pound which acts as an accounting drag on their foreign revenues. The FTSE 100 FTSE closed up 0.5 percent while the leading euro zone stock index .STOXX50E jumped 1.1 percent, its best performance in two months. While analysts had expected a strong spring and summer to come to an end, British shoppers kept up their spending spree in August, despite the end of the World Cup, and showed no sign that the approach of Brexit was making them cautious. “It was sterling’s retails sales-assisted gains that prevented the FTSE from properly joining in” the worldwide equity rally, said Spreadex analyst Connor Campbell. A $3.2 billion share buyback program from Rio Tinto ( RIO.L ) boosted the shares of the miner by around 2.5 percent. Other companies in the industry such as Fr
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