U.K. CBI January retail sales survey improved more than expected, to -47 and up from a series low of -55 in December. This was better than expected and compared to a Reuters median for a rise to -53 but also better than our above-median -50 forecast. The data follows much better than expected ONS December retail sales figures last week, underpinned by heavy discounts, VAT reduction but also a longer trading period. However, the outlook for the retail sales sector is dire and the CBI February expectations index hit a new series low since the survey began in 1983 of -52, down from -49 for January.
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