Britain may be emerging out of the double-dip recession
Trading Floor News October 26, 2012 5:30 PM
<p>- It was announced yesterday that UK GDP had risen by 1%, suggesting that Britain may be emerging out of the double-dip recession – There […]</p>
The video cannot be shown at the moment. Please try again later.
- It was announced yesterday that UK GDP had risen by 1%, suggesting that Britain may be emerging out of the double-dip recession
- There was little reaction in the markets however and the FTSE eventually closed flat at the end of the session
- Some anticipated that the 2012 London Olympics could be distorting the figures, and widespread caution about the longer term impact of recession were believed to have been hindering market gains
- This is alongside the impact of the ongoing eurozone crisis, and today three French banks including BNP Paribas have been downgraded, which is another blow to the EU powerhouse
- The CAC opened 30 points lower, but losses were seen widely across the board, after disappointing earnings from US giants Apple and Amazon contributed towards pessimism over the future outlook for investors
- The FTSE opened at 5770 down 30 points, DAX opened at 7167- also down 30, and the Dow futures were down 110 points by 9am. In other news, nine more banks have been linked to the LIBOR scandal and are now under investigation
- UK banks will be reporting next week so that will certainly be something to keep a close eye on, as well as the US Advance GDP later this afternoon at 1.30pm
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.