Ggood morning. It’s all about growth this morning as we get the June figures for GDP which will round out the numbers for the second quarter.
National production is expected to fall 1.2 percent in June, partly as a result of the platinum anniversary celebrations. This is expected to result in a 0.2 percent decline for the entire quarter.
Elsewhere, the FTSE 100 is on course for a flat day, after falling yesterday despite broader optimism about calming inflation.
5 things to start your day with
1) British EDF customers pay twice as much as French for energy Macron’s price cap on state supplier protects households from rising costs
2) Hong Kong suffers record population decline as people flee null Covid curbs The city lost 113,200 inhabitants in the year to June
3) Breaking up HSBC would unlock payday to £29bn, Chinese shareholder says Insurer accuses lender of ‘excessive’ challenge to divest Asian operations
4) Heathrow sale revives hopes of third runway under new prime minister But entering number 10 still faces environmental hurdles and an industry on the move
5) Mark Zuckerberg labeled as ‘creepy’ by Facebook’s own chatbot Social media company ‘exploiting people for money’ warns artificial intelligence program
What happened overnight?
Asian markets fell largely on Friday, reversing some of the previous day’s rally as traders accept the likelihood that central banks will continue to raise interest rates to combat runaway inflation.
Asia struggled to maintain momentum, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Manila, Jakarta and Wellington all slightly lower.
However, Tokyo was up more than 2 percent and investors there came back from a one-day hiatus to catch up on Thursday’s rally. Taipei also rose.
coming today
- For Business: 888 Holdings, Flutter Entertainment, TBC Bank Group (interim)
- Economy: GDP (UK), Industrial Production (UK, EU), Manufacturing Production (UK), Michigan Consumer Confidence Index (US)