Retail sales were a disappointment over Christmas, according to the latest industry figures, as weak confidence held back consumer spending.
Sales grew by just 1.7pc in December compared to the previous year, according to the British Retail Consortium (BRC), despite inflation likely being twice as high.
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What happened overnight
Asian stocks advanced after a tech-led rally on Wall Street as investors look to the next set of US inflation numbers due this week, which could provide further clarity on when the Federal Reserve might start cutting interest rates.
Australian shares were up just shy of 1pc, while Japan’s Nikkei stock index was trading 1.1pc higher. In Australia, the S&P/ASX200 bounced higher after November retail sales posted the biggest monthly gain in two years and comfortably topped analyst estimates.
Hong Kong’s Hang Seng Index was up 0.3pc while China’s bluechip CSI300 Index gained 0.2pc after earlier trading in negative territory.
Wall Street rallied Monday to regain almost all the losses from its sluggish start to the year.
The positive sentiment comes after Nvidia rose 6.4pc following the unveiling of several AI-related products. Apple, meanwhile, rose 2.4pc to bounce back from its worst week since September. They were the strongest forces lifting the S&P 500, along with Microsoft, Amazon and Alphabet.
The S&P 500 rose 1.4pc to within 0.7pc of its all-time high set two years ago. Meanwhile, the Nasdaq Composite index, which is skewed towards technology compares, closed 2.2pc higher for its best day for two months, and the Dow Jones Industrial Average of 30 leading American companies had a more modest gain of 0.6pc, curbed by a 6.9pc decline at Boeing.
Yields of US Treasury bonds fell ahead of a new supply of government debt this week, with the benchmark 10-year US Treasury yield hitting a low of 3.966pc after starting the day at 4.046pc.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
