FTSE 100 Surges on Strong UK Retail Sales Data

The FTSE 100 index surged to its highest level since early March after the UK's Office for National Statistics released stronger-than-expected retail sales data.

Year-over-year retail sales accelerated from 3.5% in May to 4.2% in June, beating market expectations of a 2.3% increase.

This upward momentum is likely due to resilient retail demand and stable labour market conditions, reducing the need for the Bank of England to adopt a more restrictive monetary stance.