Janet Mui: weekly economic update 14 June

  • Latest UK GDP data shows a contraction, following evidence of Brexit-related stockpiling in the first quarter
  • The UK’s weakness comes largely from disappointing manufacturing, linked both to Brexit and global trade
  • Eurozone industrial production is declining, and we think it likely the ECB will reopen discussion on possible stimulus options
  • In the US, weaker-than-expected inflation, coming on top of last week’s disappointing job numbers, add to the pressure to cut rates

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