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UK growth was left unrevised by the Office for National Statistics (ONS) at the release of the second estimate for Q1 2018 GDP, keeping the record for being the weakest rate of expansion in more than five-years.
The UK economy grew by 0.1pct in Q1 2018, unrevised from the preliminary estimate and in line with expectations. There was also no change to the y/y read, holding at 1.2pct versus the same quarter a year-ago.
Services make up the largest contribution of the output approach of GDP, when measuring activity (79.3pct). On the quarter, it rose 0.3% (as expected) with positive growth recorded by three of the four sub-sectors of the services industries. (LiveSquawk - Continue Reading)
Spain’s biggest opposition party, the Socialists registered a no-confidence motion against Prime Minister Mariano Rajoy after his former aides were convicted of running a multimillion-euro corruption racket inside the party on his watch.
Socialist leader Pedro Sanchez held talked to members to the party’s federal committee last night before deciding to submit the proposal, a press officer for the group said Friday. Sanchez was scheduled to chair an emergency meeting of the decision-making body at 11 a.m. Madrid time on Friday and is due to make a statement at 12.30 p.m. when it ends. (Bloomberg – Continue Reading)
Turkish President Recep Tayyip Erdogan finally conceded to his financial lieutenants’ currency-rescue plan, but a look back across recent eleventh-hour rate hikes in emerging markets shows it’s not enough to get the lira back on track.
It took three years for Russian Central Bank Governor Elvira Nabiullina to reap rewards for her ultra-orthodox monetary policies, through an influx of investment and low volatility. Argentina saw immediate payoff for its extreme rate move this week -- of more than double Turkey’s 300 basis-points hike. (Bloomberg – Continue Reading)
Economists say German business leaders have become less optimistic about their current environment and future prospects, a sign that growth in Europe’s largest economy may have peaked. Ifo is scheduled to release the results of its latest survey of German executives at 0800 GMT on Friday.
Ifo’s headline German business climate index is expected to slip to 102.0 from April’s 102.1 reading, according to economists, which would be the indicator’s sixth straight decline.
The current assessment component, which has fallen for past three months, is expected to drop to 105.5 from 105.7. The expectations component, on a five-month slide, is forecast lower at 98.5 compared to 98.7 last month. (LiveSquawk – Continue Reading)
Revised UK first quarter Gross Domestic Product released later this week was supposed to be a sideshow for markets, until Bank of England Governor Mark Carney earlier on Tuesday blamed snow for depressed growth data.
Speaking before Westminster’s Treasury Select Committee, Carney painted an outlook of rebounding growth in the second quarter, gradual interest rate hikes – and snow which turned first quarter economic growth sluggish.
His delivery helped prop up cable but it wasn’t enough to derail a 0.5pct rise in the sterling-sensitive blue-chip FTSE 100 ticker to a fresh record high of 7,896 points.
But commenting on the first quarter data, Carney said that despite the Monetary Policy Committee’s view that the underlying economy had not weakened, the poor first-quarter growth numbers gave rate-setters reason to tread carefully. Carney said: “I felt it was right to get more data.” (LiveSquawk – Continue Reading)
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