SPY - UK On The Brink Of Recession While US Growth Remains Robust: Fed Doves To Drive Markets In Early 2024 | Benzinga
The U.K. is teetering on the brink of recession after revised data Friday shows the economy shrank in the third quarter as falling productivity and investment weigh on growth.
Figures from the Office for National Statistics show gross domestic product fell by 0.1% in the July-September period, a downward revision from the flash estimate of zero growth.
Second-quarter GDP was also revised lower to show zero growth, down from the previously estimated 0.2% increase.
The initial market reaction sent indexes in London lower. They recovered by late morning, however, and the FTSE 100 was up 0.1% by midday in London. The iShares MSCI United Kingdom ETF (NYSE:EWU), a New York-listed exchange traded fund that tracks U.K. stocks, was up 0.2% in premarket U.S. trade.
The U.K. now stands on the edge of a technical recession — two quarters of ...