LONDON MARKETS: U.K. Stocks Drift Before Trade Talks As GDP Edges Lower In August
10 Outubro 2019 - 9:46AM
Dow Jones News
By Steve Goldstein, MarketWatch
U.K. stocks were steady Thursday as data showed the British
economy limping along as the prospect of Brexit approaches while
investors were also apprehensive about U.S.-Chinese trade talks in
Washington D.C.
U.K. GDP fell 0.1% in August after upward revisions to July, the
National Statistics Office reported. In the three months to August,
GDP grew 0.3%
"Even if GDP levels are unchanged in September relative to
August, that would be sufficient to produce a 0.5% q-o-q print for
the third quarter as a whole (which remains our forecast)," said
George Buckley, European economist at Nomura. "Though we can expect
this strength to reverse in Q4 as stockpiling turns to inventory
unwind following the Brexit deadline -- depending of course on how
things are resolved (or otherwise) at the end of this month."
Also read:The U.K. economy is lurching toward Brexit
(http://www.marketwatch.com/story/latest-gdp-highlights-one-simple-fact-the-uk-economy-is-lurching-toward-brexit-2019-10-10)
British Prime Minister Boris Johnson and his Irish counterpart
Leo Varadkar are scheduled to hold a private lunch meeting Thursday
in northwest England. Analysts have low expectations for the talks,
to be held near Liverpool.
Talks also are scheduled for Washington, D.C., between the U.S.
and China delegations.
The U.K. FTSE 100 declined 0.14% to 7156.77, while the pound
rose slightly to $1.2236.
The mining sector, which is heavily leveraged to the Chinese
economy, advanced, with Anglo American (AAL.LN) , Antofagasta
(ANTO.LN) and Glencore (GLEN.LN) each rising over 3%.
(END) Dow Jones Newswires
October 10, 2019 08:31 ET (12:31 GMT)
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