Welcome and thank you for joining us. The UK economy took a hit in July, as new data from the Office for National Statistics (ONS) reveals a 0.5% contraction in gross domestic product (GDP). This comes as a surprise following recent indicators that suggested the UK was performing better than expected.
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Overnight Developments
Asian stocks experienced losses after Wall Street declined due to a drop in technology stocks, as investors eagerly anticipate a crucial report on US inflation.
The Hang Seng in Hong Kong decreased by 0.3% to 17,970.01, while the Shanghai Composite index fell by 0.9% to 3,109.88. Japan’s Nikkei 225 index also dropped by 0.4%, closing at 32,656.85. The Kospi in Seoul saw a minor 0.2% decrease, ending at 2,532.69. Australia’s S&P/ASX 200 experienced an 0.8% decline, finishing at 7,146.40.
Wall Street closed lower on Tuesday as investors eagerly await US consumer inflation data, which is expected to impact the upcoming interest rate decision by the Federal Reserve. The Dow Jones Industrial Average dipped by 0.1%, closing at 34,645.99. The Nasdaq fell by 1%, ending at 13,773.61, and the broader S&P 500 lost 0.6% at 4,461.90.
The benchmark yield on 10-year Treasury remained relatively steady at 4.28%.
Asian shares were quiet following the shaky performance of Wall Street. MSCI’s broadest index of Asia-Pacific shares outside of Japan remained flat, while Tokyo’s Nikkei saw a slight 0.2% decline. Resource-heavy shares in Australia decreased by 0.7%, Chinese blue-chip stocks remained unchanged, and the Hang Seng index in Hong Kong saw a 0.6% increase.
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