UK stocks are attempting to recover this morning after sharp falls earlier in the week. Investors are digesting the latest UK GDP data from the Office for National Statistics which showed that the UK economy rose just 0.1% in July. Down from 1% in June and below expectations. Jonathan Athow, ONS deputy national statistician, said “after many months during which the economy grew strongly, making up much of the lost ground from the pandemic, there was little growth overall in July”.
Markets are also weighing the European Central Bank’s announcement yesterday that due to stronger growth across the region and higher inflation it will be slowing the pace of bond-buying in its pandemic emergency purchase programme (PEPP).
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