US Economy grew faster than previously expected

<p>- Official figures show that the US Economy grew faster than previously expected with a revised GDP number of 1.70% compared to an earlier estimate […]</p>

The video cannot be shown at the moment. Please try again later.


- Official figures show that the US Economy grew faster than previously expected with a revised GDP number of 1.70% compared to an earlier estimate of 1.50% – The Federal reserve’s Beige Book also suggests that US economic activity continued to expand gradually in July and in early August across most regions and sectors. However, markets are still muted ahead of central bankers gathering in Jackson Hole this coming Friday and continued fears in Europe, particularly Spain and Italy.

- The Dow Jones is up 4.5 points at 13107, the NIKKEI is down 86 points at 8983, the FTSE is down 7 points at 5736 and the DAX is down 40 points at 6970.

- Shares in WPP opened 4.4% lower after the advertising group revised its annual revenue down to 3.5% from 4%, however, the share price has recovered off the lows and is currently around the 807 level.

- Barclays have announced the appointed Anthony Jenkins as their new CEO with immediate effect. Barclays are down around 0.75% at 185.

- Economic data is pretty quiet, however, look out for the personal consumption figures from the US at 1.30pm today. Tomorrow has the potential to be very interesting as we keep a close eye on any news feeds coming out of the Jackson Hole policy meeting, Bernanke is expected to be talking from around 3pm.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (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.

For further details see our full non-independent research disclaimer and quarterly summary.