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23 Dec 2014

UK Annual GDP Revised Downwards

The just released revised GDP data in the UK revealed that annual economic growth missed the previous estimate for the third quarter. The report further indicated that growth in domestic business investments weakened during the quarter, raising concerns of a slowdown in Britain’s economy if government spending falls going forward. Separately, the BBA survey indicated that the number of mortgage approvals in the UK dropped for November. For the latter half of today’s trading session, a heavy economic calendar across the Atlantic is anticipated to attract considerable attention among market participants. The final GDP reading for the third quarter along with durable goods orders and revised Reuters/Michigan consumer confidence data will be eyed for further direction.