Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Sept 13 - London's FTSE 100 was flat on Wednesday after data showed July economic output contracted at the fastest pace this year, sparking recessionary concerns, while a boost from Aviva offset some declines from earlier in the session.
British economic output contracted by a larger-than-expected 0.5% in July from June, data showed, worse than what economists had forecast in a Reuters poll that pointed to a 0.2% retreat in gross domestic product . "Rate hikes may be biting more, consumer resilience to squeezed income may have weakened, and/or global trends may be dragging more," said Robert Wood, UK economist at BofA Global Research.
Meanwhile, Goldman Sachs and J.P. Morgan on Wednesday cut their forecasts for the UK's full-year 2023 GDP after the July GDP data.
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