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UK retail sales declined 5.1% in March; biggest fall since 1996

The UK retail sales dropped -5.1 per cent in March compared with the previous month, according to data from the Office for National Statistics. This was the biggest monthly fall on record following the official government guidance for lockdown during the coronavirus pandemic.
UK retail sales declined 5.1% in March; biggest fall since 1996
The UK retail sales dropped -5.1 per cent in March compared with the previous month, according to data from the Office for National Statistics. This was the biggest monthly fall on record following the official government guidance for lockdown during the coronavirus pandemic. The data covered the period from March 1 to April 4, in this reporting period two weeks covered the time when lockdown measures were in place.

In the three months to March, the retail sales volume fell by 1.6 per cent compared with the previous three months. While food and online shopping rose, and alcohol sales jumped by 31%. But clothes sales tumbled by 34%. Department stores also witnessed monthly sales growth in March – up 2.8% – helped by their online sales capability. Non-store retailing, covering online, rose 5.9%.

The pound remains unchanged after the terrifying data. The pair rebounded from the support 1.2300 and currently trading above 1.2360.  

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FedEx surprised Wall Street with stronger-than-expected earnings

FedEx surprised Wall Street with stronger-than-expected earnings

The U.S. package delivery giant FedEx (NYSE: FDX) reported better-than-expected fourth-quarter earnings results on Tuesday after the market close. While the company reported a loss of $334 million in its fiscal fourth quarter but its revenue surpassed the expectations as the Covid-19 pandemic continues to boost the online shopping.