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BUZZ-Barclays says buy domestically focused UK stocks

Reuters - UK Focus

** Barclays (LSE: BARC.L - news) says valuations of domestically focused UK stocks continue to price in a recessionary drop in consumer spending growth and believes their nascent outperformance has further to run

** "Valuations appear to be pricing in a dramatic collapse in UK economic growth, which as per our analysis, appears unlikely"

** For instance, pan-European Stoxx 600 banks index has easily outperformed UK-focused banks since Brexit

** Barclays sees UK's Lloyds Banking Group and RBS (LSE: RBS.L - news) attractively priced and adds Lloyds, WH Smith (LSE: SMWH.L - news) and Marks & Spencer (Frankfurt: 534418 - news) to its recommended portfolio

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** Barclays says UK real estate stocks British Land Company , Hammerson (Frankfurt: 876140 - news) and Land Securities (LSE: LAND.L - news) appear to be pricing in a 20% decline in book value, at a time when the IPD capital values index has started to tick higher

** "With (Other OTC: WWTH - news) the UK unemployment rate now at multi-decade lows, inflation pressures peaking in Q3 and survey data pointing to wage acceleration, consumer confidence should remain well supported hereon."