News from the Eurozone once again was poor yesterday. German IFO business confidence fell to 104.4 from 106.7, which missed the already negative expectations. Measures for the current climate and predictions for the future also came in below the market’s hopes. Italian retail sales fell by 4.8% year on year; not something anyone wanted to hear ahead of what is likely to be a bad Italian Q1 GDP release soon.
This data has only increased the likelihood that we will see an ECB rate cut at the Bank’s meeting next Thursday. However, the euro avoided collapse yesterday largely thanks to more poor data from the US.
Further damage arising to the US economy from the government’s budget cuts and sequestration was shown in yesterday’s Durable Goods numbers. Total orders are assumed to have fallen 3% in the past month as the government simply spends a lot fewer tax dollars on things like defence. Overnight the USD has remained sold against pretty much everything.
The main feature of the European morning will be the first reading of UK GDP for Q1. Opinions are split fairly evenly whether we will see a ‘triple-dip’ or just a slither of growth. Our tracking puts output for Q1 at a measly 0.1%. PMIs through the quarter were weak from both manufacturing and construction whilst details from the far larger services sector should drag us above the zero-bound.
I’m looking for the construction sector to be the major laggard following the weather issues that the past 3 months have dealt us. It is fair to say that any negative figure and, with the ratcheted up expectations around further QE here in the UK, GBP will fall like a lift with the cord cut. The release is due at 09.30.
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
UK Expected To Miss Triple-Dip By Slimmest Of Margins
Published 04/25/2013, 06:53 AM
Updated 07/09/2023, 06:31 AM
UK Expected To Miss Triple-Dip By Slimmest Of Margins
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.