Discounts are unlikely to save struggling retailers as consumers cut back spending by around £1.5bn in the last quarter of this year, according to new data.
European stock markets traded largely unchanged Friday in thin trading conditions, as investors digested German growth and consumer confidence data. Germany's economy grew by a shade more than initially thought in the third quarter, according to data released Friday, as gross domestic product expanded by 0.4%, rather than the 0.3% reported in its first reading. Speeches by ECB’s Kerstin af Jochnick and Luis de Guindos will also be of interest Friday, a day after the accounts of the Oct 26-27 meeting showed that policymakers feared that inflation may be getting entrenched so rates would need to rise further.
Sterling continued to gain against the US dollar after hitting its highest level since August earlier on Thursday.