Retail sales return to pre-pandemic levels
Retail sales volumes are estimated to have increased by 1.2pc in February.
This is the largest monthly increase since October last year, which stood at 1.4pc, which was affected by the additional bank holiday for the State Funeral of the late Queen in September.
The increase over the last month returns sales volumes to pre-pandemic levels, according to the Office for National Statistics.
Good morning
Retail sales rose by more than expected last month boosted by strong sales in discount department stores.
Economists had predicted a 0.2pc rise but this was blown out of the water, with a 1.2pc increase in sales recorded by the Office for National Statistics.
January's sales increase was also revised up from 0.5pc to 0.9pc.
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What happened overnight
Asian shares were pressured after lingering banking stability concerns gripped Wall Street.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2pc, although it was heading for a still solid weekly gain of 2pc.
Both China's blue-chip index and Hong Kong's Hang Seng lost 0.3pc, with sentiment weighed by persisting geopolitical tensions between the world's two biggest economies.
Japan's shares ended lower Friday as global investors weighed fresh interest rate hikes by central banks and signs of a possible pause in US monetary tightening.
The benchmark Nikkei 225 index fell 0.1pc to 27,385.25, while the broader Topix index slid 0.1pc to 1,955.32.
Wall Street's main indexes closed in the green after choppy trading on Thursday, as investors piled into megacap tech stocks amid retreating Treasury yields and hints that the Federal Reserve could soon end its rate hiking cycle.
The Dow Jones Industrial Jones closed 0.2pc higher at 32,105.25, while the broad-based S&P 500 climbed 0.3pc to close at 3,948.72. The tech-rich Nasdaq Composite gained 1pc to 11,787.40.
Shares in regional lenders tumbled despite reassurances from Treasury Secretary Janet Yellen that the US government is prepared to take "additional actions if warranted" to protect deposits and stabilise the banking system.
The SPDR S&P Regional Banking ETF dipped 2.8pc.