UK retail sales fall.
UK retail sales fell by 1.6%, much larger than economists predicted, continuing a slide since the summer 2021 the Office for National Statistics (ONS) said. August’s sales figures signalled the largest month-on-month drop since December 2021. In a bid to curb rising prices, the Bank of England is expected to keep increasing interest rates. The Bank has warned inflation could top 13% this year.
New Chancellor Kwasi Kwarteng will deliver his statement on Friday 23 September, four days after the Queen’s funeral and the end of the official national mourning period.
The world bank has warned that interest rate hikes could trigger a global recession. The warning from the World Bank comes ahead of monetary policy meetings by the US Federal Reserve and Bank of England, which are expected to increase key interest rates next week.
Economic Calendar
| Expected | Previous | ||
|---|---|---|---|
| 07:00 | GBP Retail Sales m/m | -0.5% | 0.4% |
| 10:00 | EUR Final CPI y/y | 9.1% | 9.1% |
| 10:00 | EUR Final Core CPI y/y | 4.3% | 4.3% |
| 15:00 | USD Prelim UoM Consumer Sentiment | 60.0 | 58.2 |
| 15:00 | USD Prelim UoM Inflation Expectations | 4.8% | |
| 21:00 | USD TIC Long-Term Purchases | 121.6B | 121.8B |