The second estimate of UK Q2 GDP confirmed the first estimate
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European shares reversed early losses to trade slightly higher. US Equities opened in positive territory too, ahead of Yellen's Jackson Hole speech.
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The second estimate of UK Q2 GDP confirmed the first estimate, showing a growth rate of 0.6% Q/Q. The details were more surprising. Private consumption remained strong, but also business investments surprised on the upside, while net exports were a significant drag on growth.
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Euro area inflation expectations in surveys have become less dependent on the ECB's target and more on its shorter‐term projections, posing a potential risk to the ECB's credibility, an ECB research paper showed.
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Ahead of Yellen's speech, gold rebounds today, rising almost 1% to $1330/ounce. Brent crude oil reversed early losses, trading around $49.5/barrel. Iran said today, it will help other oil producers stabilise the world market so long as fellow OPEC members recognise its right to regain lost market share.
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At 16:00 pm CET Fed Chairwoman Yellen will start her speech at the Jackson Hole Symposium. The Symposium will continue tomorrow.
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