On Friday, U.K. stocks experienced a notable surge, whereas the British pound weakened against other leading currencies. This shift followed unexpected data revealing a decline in British retail sales during December, primarily due to reduced sales in food stores.
Retail sales volume dropped by 0.3 percent on a monthly basis in December, contrary to the revised 0.1 percent increase noted in November and defying predictions for a 0.4 percent rise. Year-over-year, retail sales increased by 3.6 percent, which was below the anticipated 4.2 percent growth. This data has reinforced expectations for a potential interest rate cut by the Bank of England in the upcoming month.
The FTSE 100 index saw a 1 percent increase, reaching 8,475, continuing its climb after a 1.1 percent gain the previous day.
Among individual stocks, Glencore soared nearly 3 percent, while Rio Tinto advanced by 1.5 percent following reports of discussions last year regarding a possible merger of some or all of their operations.
Additionally, AstraZeneca's shares rose approximately 1 percent. The pharmaceutical company announced that the FDA approved its drug Calquence (acalabrutinib) for treating previously untreated mantle cell lymphoma (MCL) in adults who are not candidates for stem cell transplants.
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