Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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April 12, 2024

UK GDP trend remains positive

Macro

UK GDP and industrial production data for February are better than expected, while construction output is weaker. MoM GDP growth was 0.1%, while January GDP data was revised up from 0.2% to 0.3%.

There is growing evidence that the UK economy is recovering from a shallow recession in H2 last year, albeit the recovery rate remains sluggish.

Overnight, precious metals continued their recent rally, with gold making new all-time highs and approaching the $2,500 level. It is dragging the silver price with it.

Just when we thought the fight against inflation was lost, US PPI data was weaker than expected at 0.2% MoM versus 0.6% last time and 0.3% forecast.

Retail inflation has proven stubborn, but at least it isn’t re-accelerating.

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