The UK main index FTSE 100 climbed 36.4 points or 0.5 percent to 6,840.27 adding to the 16 percent raise since the beginning of the year. UK stocks went up on Fed Chairman Ben Bernankes testimony that economy is not quite ready for a tightening monetary policy and that would endanger its stability. Analysts fear the economy fast pace of growing could lead to a pulling the brakes on bond-buying stimulus program.
Marks & Spencer surged 1.6% its record price since January 2008 as Banco Santander AS raised its recommendation on the shares and Barclays upgraded its 12 month estimate.
Retail sales were hit by a bad weather as they fall 1.3% in April comparing to previous month. Total food sales plunged 4.1% in April – their biggest monthly fall in two years. Large food store chains reported that bad weather is to blame for the low purchasing. However, some consumers switched to online stores to do their shopping. The non seasonally adjusted online sales grew by 10% showing that consumers preferred to buy online during the cold days. Analyst didnt expect the fall of Retail sales concluding that UK is still not out of the risky economic soil.
The Q1 GDP of the UK remains stable as previous month and in accordance with forecasts staying at 0.6% yearly increase. Same period total business investment is slightly disappointing estimates with a 0.7%.
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