As the week draws to a close and we have seen another 5 days of losses for British Pound Sterling, there may be a little glimmer of light today.
While France, Greece, Italy, Spain and Portugal are celebrating Assumption Day, no doubt by sitting in 6 hour “embouteillages” on the various autoroutes if my childhood memories are anything to go by, the UK will announce its latest GDP figures this morning.
Expectations suggest that the initial estimates of a 0.8% growth will be confirmed. The only problem with this is that, for the past few weeks, the markets have only been interested in data exceeding expectations. We will just have to wait and see…
France signed off for its little break by abandoning its 2014 deficit targets after the economy failed to grow for the second successive quarter. This abandonment of deficit targets is nothing it hasn’t done before, but could well cause a clash with its European partners. European stagnation is once again in the headlines as, despite Portugal, Spain and Holland’s best efforts, the Eurozone’s GDP showed stagnation courtesy of poor results from the core economies of France, Germany and Italy.
Other than GDP from the UK, there is some PPI and industrial production figures out of the US today.
For those who have missed football for the last 3 days, or however long it was since the World Cup finished, the Premier League starts again tomorrow.
Posted in Daily Market News on Aug 15 2014