Spreadex Market Update

FTSE gains despite slower economic recovery



The Office for National Statistics revised GDP growth from 1.3% to 1.1% for Q3 this morning, as there were weaker performances from Health and Hairdressers, along with the Energy sector shrinking more than previously thought.

It is also important to note that these figures are also taken from the period before the Omicron variant hit Europe and as restrictions were being lifted.

However, even with this lower revised figure, stronger-than-expected data for 2020, puts the UK closer to pre-pandemic levels.

This mixed sentiment may explain why the FTSE is currently +0.17%, while the DAX and CAC seem to be doing a little better at +0.49% and +0.68% respectively.

US markets open higher with the DOW (+0.43%) and S&P (+0.66%) both in the green.

These advances were likely due to Q3 GDP growth for the US being revised 0.2% higher at 2.3%, alongside consumer confidence progressing more than expected this month.

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