Live Coverage: US GDP set to shake vulnerable stock markets, impact Gold and currencies

As markets crash on growth fears, the US publishes its first release of US GDP for the second quarter. An annualized growth rate of 2% is expected after 1.4% in Q1. Gold, currencies and stocks are set to rock. Live coverage. 

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Why US GDP matters for markets

The United States (US) is the world's largest economy, and Gross Domestic Product (GDP) is the most comprehensive measure of economic output. Authorities publish GDP three times for each quarter, and the first release matters more than the consequent revisions.

Economists expect an annualized growth rate of 2% in the second quarter of 2024, up from 1.4% in the first three months of the year. The US economy expanded at a faster clip in 2023. While the slowdown enables cutting interest rates, it also implies weaker company profits. 

Global stocks have been suffering in recent days in response to growing fears. Gold benefited from lower yields on US Treasuries, but later tumbled with other risk assets. The safe-haven US Dollar and the Japanese Yen stood out with gains against peers deemed riskier. 

Live financial market coverage

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