The UK economy avoided contraction in the fourth quarter of last year after December’s GDP figure rose by 0.4%. ONS estimates published today show that GDP edged 0.1% higher in the final three months of the year, better than the 0.1% decline seen in the City. The December performance, which compared with predictions of 0.1% growth, represented the UK’s best monthly result since March. Read more here.
The FTSE 100 is forecast to stay in record territory after last night closing at 8807, its third all-time high in a row. The rise of 30 points came despite the weakness of Wall Street markets after January’s US inflation reading topped expectations at 3%. The blow to the outlook for lower interest rates meant the Dow Jones Industrial Average lost 0.5% although the tech-focused Nasdaq Composite recovered from a poor start to close slightly higher.
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