UK GDP data released today by the Office for National Statistics shows the UK economy grew by 4.8% in the second quarter – a bounce back from the first quarter contraction of 1.6% but still leaves the economy 4.4% below its pre-pandemic level.
In the US, stocks gained on Wednesday with concerns easing over the likelihood that the Fed will start cutting back on their bond-buying program sooner than expected. CPI for July showed prices rose 5.4% over a year, just slightly higher than expectations, but moderated in July which eases pressure on the central bank. Another inflation indicator, US producer price data, is due later today.
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