By Gerry Davies || January 25, 2011 at 12:23 GMT
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- Business Secretary Vince Cable: Reasonable consensus that Q4 was a “pretty bad quarter” for UK economy. Cable came out with this comment well before the release of truly horrible growth data. Guess he was trying to prepare us for something real grotty
- UK Q4 GDP -0.5% q/q (yes, that’s a MINUS), way worse than median forecast +0.5%
- PSNCR 25.507 bln in December, much worse than median forecast 16.3 bln. PSNB 15.305 bln, better than median forecast 18.1 bln
- UK Chancellor Osborne: Would be huge mistake to change budget plans on basis of GDP figures
- IMF revises up 2011 global growth forecast to 4.4% vs October projection of 4.2%
- EFSF launches debut euro denominated 5.5 year bond
- German Gfk February consumer sentiment indicator 5.7, up from revised 5.5 in January, stronger than median forecast of 5.4
- BOJ’s Shirakawa: Japan economy may emerge from slowdown in first quarter
Sterling weakness is the story of this morning’s session. Cable down at 1.5780 from early 1.6000, having been as low as 1.5753 at one stage. EUR/GBP is up at .8635 from early .8535. The market was already cautious about the Q4 GDP data. Vince Cable’s remark (see above) only served to heighten that caution.
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