英镑将每周下跌，因为中东冲突掩盖了国内数据。英镑兑美元周五小幅上涨，但本周将下跌，因为以色列-伊朗冲突的不确定性刺激了对美元等传统避险货币的需求。

Sterling set for weekly loss as Middle East conflict overshadows domestic data.Sterling gained slightly against the dollar on Friday but was set for a loss on the week as uncertainty over the Israel-Iran conflict fuelled demand for traditional safe havens such as the greenback.

周五，富时100指数小幅上涨，但落后于其他欧洲市场，延续了其在下跌市场跑赢大盘、在情绪好转时跑输大盘的趋势。这部分是由于其防御性行业的权重和对周期性宏观趋势的敞口减少。本周，油价波动是一个主要影响因素。尽管原油价格上涨最近提振了石油巨头英国石油公司和壳牌公司，但今天的油价下跌对该指数造成了沉重打击，这两只股票都是最大的输家。伯克利集团领跌，下跌8%，此前该集团公布年度税前利润下降5.1%，并宣布首席财务官理查德·斯蒂恩为新任首席执行官。虽然建筑成本稳定，但疲软的经济状况给定价带来了压力。该公司注意到销售量有所改善，但表示消费者信心较低。上涨方面，Melrose、渣打银行和Entain上涨超过2%。与此同时，英国5月份零售额下降2.7%，远低于预期，引发了人们对第二季度经济疲软的担忧。

The FTSE 100 edged slightly higher on Friday but lagged behind other European markets, continuing its trend of outperforming in down markets and underperforming when sentiment improves. This is partly due to its defensive sector weighting and reduced exposure to cyclical macro trends. This week, oil price swings have been a major influence. While rising crude prices recently boosted oil giants BP and Shell, today's drop in oil weighed heavily on the index, with both stocks among the biggest losers. Berkeley Group led declines, down 8%, after reporting a 5.1% fall in annual pretax profits and announcing CFO Richard Stearn as its new CEO. While build costs were stable, weak economic conditions have pressured pricing. The firm noted improving sales volumes but flagged low consumer confidence. On the upside, Melrose, Standard Chartered, and Entain gained over 2%. Meanwhile, UK retail sales fell 2.7% in May, sharply worse than expected, raising concerns about a weakening economy in Q2.

2025年5月，英国公共部门净借款（不包括公共部门银行）增至177亿英镑，略高于一年前的170亿英镑，超过了市场预期的171亿英镑。公共部门总支出比一年前增加了64亿英镑，这是由于公共服务和福利支出增加，部分被债务利息减少7亿英镑所抵消。与此同时，总收入增长了57亿英镑，因为中央政府税收收入的增加得到了国家保险缴款增加18亿英镑的支持，部分原因是上个月引入了更高的雇主缴款率。截至5月的财政年度借款达到377亿英镑，比2024年同期高出16亿英镑，是4月至5月有史以来第三高的借款总额。最后，截至5月底，公共部门净债务（不包括公共部门银行）估计为GDP的96.4%。

Public sector net borrowing (excluding public sector banks) in the UK rose to £17.7 billion in May 2025, slightly above £17.0 billion a year earlier and exceeding market expectations of £17.1 billion. Total public sector spending increased by £6.4 billion from a year ago, driven by higher spending on public services and benefits, partially offset by a £0.7 billion reduction in debt interest. Meanwhile, total receipts grew by £5.7 billion, as the rise in central government tax receipts was supported by a £1.8 billion increase in national insurance contributions, partly due to the higher employer contribution rate introduced last month. Borrowing for the financial year to May, reached £37.7 billion, £1.6 billion higher than the same period in 2024 and the third-highest April-May total on record. Lastly, public sector net debt, excluding public sector banks, was estimated at 96.4% of GDP at the end of May.

2025年5月，英国零售额环比下降2.7%，降幅大于预期的0.5%，此前4月份上调了1.3%。这是自2023年12月以来最大的月度跌幅，主要原因是超市销售额减少导致食品店销售额下降5%，这是自2021年5月以来的最大跌幅。零售商指出，通货膨胀、消费者支出疲软以及烟酒产品销量下降是关键因素。非食品商店的销售额也下降了1.4%，原因是服装和家居用品商店的销售疲软，包括五金和油漆零售商。据零售商称，受今年早些时候有利天气的帮助，客流量减少和家居装修项目提前完成，导致5月份销售疲软。不包括燃料，零售额比上月下降2.8%。按年度计算，销售额下降了1.3%，低于1.7%的增长预测，这是自2024年4月以来最大的年度跌幅。

Retail sales in the UK dropped by 2.7% month-over-month in May 2025, a sharper decline than the expected 0.5% fall, following an upwardly revised 1.3% increase in April. This was the steepest monthly drop since December 2023, driven largely by a 5% fall in food store sales—the biggest decline since May 2021—due to reduced supermarket sales. Retailers cited inflation, weaker consumer spending, and lower sales of alcohol and tobacco products as key factors. Non-food store sales volumes also fell by 1.4%, attributed to weaker sales in clothing and household goods stores, including hardware and paint retailers. According to retailers, reduced foot traffic and the early completion of home improvement projects—helped by favorable weather earlier in the year—contributed to weaker sales in May. Excluding fuel, retail sales declined 2.8% from the previous month. On an annual basis, sales dropped 1.3%, missing forecasts of a 1.7% increase and marking the largest annual fall since April 2024.