Market comment

July GDP data to show if UK on brink of technical recession

DAVY VIEW

The key macroeconomic data point today is the monthly estimate of UK GDP for July. Given construction (45.3) and manufacturing (48.0) PMIs were well below the 50-no change level in July, there is a clear risk services will fail to compensate for output declines in these sectors. Should UK GDP decline again in July, investors will see a ‘technical recession’ through the summer months.

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Sep 9 2019, 07:30 IST/BST

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