0856 GMT - Sliding consumer confidence could prove prescient as the U.K. veers toward a recession, Investec's Philip Shaw says in a note. A drag on household spending should becoming increasingly clear in the coming months, and the U.K. will be fortunate to duck recession, Shaw says. (christian.moess@wsj.com)---Gilt Yields Rise After Stronger-Than-Expected UK Retail Sales0737 GMT - Gilt yields rise after data showed U.K. retail sales rose more than expected in June, raising the prospect of more Bank of England interest rate rises to bring down inflation. "Friday's stronger than expected U.K. retail sales data should support a move higher in yields, especially in gilts," say Mizuho rates strategist Evelyne Gomez-Liechti and head of research Helen Rodriguez in a note. U.K. retail sales increased 0.7% month on month in June, up from 0.3% previously and above the 0.2% consensus forecast by economists in a WSJ poll.

Source: Wall Street Journal July 21, 2023 10:48 UTC