UK Dodges Recession?

Monday, 11th November: The FTSE 100 started the week in negative territory, opening 0.22% lower on Monday on further concerns regarding the U.S. and China trade deal, as well as the escalating violence in Hong Kong. The turmoil across Asia had a particularly negative impact on the FTSE members with Asian exposure as expected, which includes the miners, Prudential and Burberry.

GDP data for Q3 of 2019 revealed today that Brexit has indeed left its mark on the UK economy, as GDP growth was slightly lower than expected at 0.3%, opposed to the predicted 0.4%. although it was below expectations, the result allowed the UK to dodge being labelled in recession territory, largely due to positive trading in July from services and construction.

On the FTSE 250, Greggs was having another soaring trading session, up more than 19.0% in the afternoon on their trading update which revealed that an increase in customer visits, likely due to the vegan-friendly products, helped boost sales once again, and suggested that the vegan sausage roll clients weren’t just a one-off contribution to their performance, but are now loyal customers to the baker.

At the end of the day the FTSE 100 closed 0.42% lower at 7328.54, whilst the FTSE 250 managed to rise 0.26% partly due to Greggs positive contribution, and at the same time sterling was up 0.583% at $1.28605 against the dollar.

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