British retail sales better than expected

Consumer demand remained positive in February according to the Office for National Statistics, with official figures showing a smaller than expected drop in retail sales.

Volumes of retail sales dropped 0.4 percent last month after a bumper 2.3 percent rise in January, well above the 0.7 percent decline forecast by analysts. Compared to February 2015, sales are up 3.8 percent.

The ONS cited weak demand for new season clothing as a recent for the slowdown.

Next drop over 10 percent

Shares in British retailer Next (LON:NXT) are down over 10 percent this morning, after warning that 2016 could be its toughest year since 2008.

The company released figures showing pre-tax profits rose by 5 percent compared to 2015, but expected profits to fall this year by up to 4.5 percent.

Its shares fell below £60 for the first time since January 2014. Next is currently trading down 12.69 percent at 5810.00 (1124GMT).

Oil slides again

Oil fell back below $40 a barrel on Thursday, driven down by record-high US stockpiles and a strong dollar.

Crude stockpiles rose by 9.4 million barrels last week, according to the U.S. government’s Energy Information Administration.

The rise has contributed to a fall in oil prices, just after it rose on hopes that an output agreement would be reached by Middle Eastern countries.

24/03/2016