European markets head for mixed open with U.S. debt ceiling talks in final stages
were lower as investors monitored the debt ceiling talks and waited for data releases on personal consumer expenditures, personal income, consumer spending and sentiment and durable goods.Prices in U.K. stores are rising at a record pace in a sign that the cost-of-living crisis is far from over.U.K. retail sales volumes were up 0.5% on the prior month in April, the Office for National Statistics said Friday.
Ashley Webb, U.K. economist at Capital Economics, said better weather, rises in state pension, welfare payments and minimum wage, and a government cost-of-living payment to low-income households likely boosted the monthly figure. "Overall, while the outlook for retail sales appears to be improving, we expect further rises in interest rates, from 4.50% now to a peak of 5.25%, and for them to stay high until late next year. That will mean real consumer spending is more likely to decline later this year than rise," Webb added.European markets are expected to open mixed Friday.
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