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


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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