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If Christmas trading figures are better than expected, it doesn't mean everything is suddenly rosy for the retail sector, according to David Cumming, chief investment officer for equities at Aviva.
He tells the Today programme: "I think Christmas probably hasn't been a disaster, probably helped by the fact parliament's been in recess so we haven't had Brexit depressing consumers.
"But Tesco, Morrisons and Sainsbury's, who report this week, are still under pressure from Aldi and Lidl in particular so it is not just macroeconomics, the discounters are still a lot cheaper, they are still taking market share so that's still an issue."
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