Chinese GDP data – China’s economy slowed this quarter, setting the weakest pace since records began in 1992. The world’s second largest economy grew only 6.2% year on year in the second quarter, which was down from the previous quarter’s growth figure of 6.4%. Asian markets reacted positively to the data, as it was in line with many analysts’ expectations, and within Beijing’s own targets. Also helping keep markets positive, was encouraging factory output data, as well as strong retail sales growth figures beating estimates in June.
UK economic data – Wage growth in the UK grew at the fastest pace in 11 years in June, while unemployment figures remained at the lowest levels since the 1970’s. Usually, this data would be good news, pointing to a positive economy and increase the price of the pound, however, negative sentiment surrounding Brexit is outweighing positive data, as the pound fell to its lowest levels against the US dollar since 2017.
Brexit vote – In the latest story surrounding Brexit, MPs on Thursday voted in favour of backing an amendment to the Northern Ireland bill, which is designed to block the next Prime Minister from pursuing a “no deal” Brexit outcome at the end of October. The amendment to the bill is designed to force Parliament to remain open in the weeks leading up to the deadline date of the 31st October, effectively making it impossible for the next Prime Minister to suspend Parliament during that time.