Independent Strategy

UKUK July GDP, Production, Trade

Better monthly GDP print which kept y/y growth rate at 1.0%.  But this is still the lowest level (bar last month) since Aug 2013.  Activity expanded across all sectors m/m.  But looks more like respite than turnaround with Brexit uncertainty continuing to drag on sentiment and activity.  Surveys continue to reflect this uncertainty amid weak orders and a sharp rise in firms operating below capacity.

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