US Economy grew faster than previously expected
City Index August 30, 2012 4:40 PM
<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>
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- 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.