Spreadex Market Update
Asian shares outside of Japan fall
The Confederation of British Industry has lifted its forecast for economic growth for this year from 1 percent to 1.2 percent amid signs of a pick-up in business confidence. Optimism about performance across the services, construction and manufacturing sectors has added to hopes that the recovery is gathering pace after 0.6% growth in the second quarter.
Its upgrade comes after figures last week showed that the Eurozone, Britain's biggest trading partner, had emerged from recession. However, the body warns that a hoped-for rebalancing of the economy to become less reliant on consumer spending and more focused on investment and trade is taking longer than expected.
The CBI, which represents 240,000 UK businesses, has also increased its forecast growth for 2014, from 2% to 2.3%, predicting that increasing disposable income and business and housing investment will boost demand.
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