On Friday, U.K. stocks edged lower, while the British pound gained strength against major currencies, following official data revealing a rebound in U.K. retail sales volume for July. This data diminished investor expectations of a potential interest rate cut by the Bank of England in the fourth quarter.
In detail, U.K. retail sales saw a monthly increase of 0.5 percent in July, recovering from a revised 0.9 percent decline in June. This uptick was driven by summer discounts and the European football Championship, which boosted sales at department stores and sports equipment retailers.
Year-over-year, sales volumes rose by 1.4 percent in July, bouncing back from the previous year's slump caused by unfavorable weather in 2023. This follows a 0.3 percent drop recorded in June.
The FTSE 100 index slipped by 17 points, or 0.2 percent, settling at 8,331, after having gained 0.8 percent the previous day.
In corporate developments, AstraZeneca experienced a slight increase in its stock price following the U.S. FDA's priority review of its supplemental Biologics License Application for Imfinzi, aimed at treating limited-stage small cell lung cancer.
