Spreadex Market Update

Mixed day for markets as traders digest multiple economic data releases



The UK GDP figures were released this morning, which disappointed many, as it showed minimal growth of 0.1%.

Economists had forecast 0.4% growth, but the ongoing supply chain issues, and staff shortages have obviously negatively impacted this figure.

Adding to the pessimism was Heathrow’s warning of further restrictions badly affecting the travel industry once more, as demand for November has already dropped 60%.

The UK market in particular has now fallen lower after a leading economist, Sanjay Raja, from Deutsche Bank, announced that Plan B will see GDP growth dip into negative territory for at least December and January.

The FTSE currently sits at -0.35%, having just fallen back into the red only a couple hours ago.

US markets started the day in the green but have quickly fallen thanks to inflation worries.

The DOW is currently flat, while the S&P is up 0.21%, having opened at +0.43%.

Prices rose by 6.8% annually as of November, up from 6.2% from October’s figure, which is the fastest annual increase since June 1982.

This is likely to increase pressure on the Fed to speed up the withdrawal of quantitative easing and raise interest rates much sooner than expected, only increasing tension for their decision next week.

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