UK GDP surprises to the upside while global stock markets drift

Chris Beauchamp IG

There was a pleasant surprise for UK investors in this morning's GDP data, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.

UK GDP beats expectations

Good UK data is always a pleasant surprise, particularly so when it puts the country ahead of its G7 rivals. It will be welcome news for both the PM and the chancellor, both of whom have endured a tough time on the domestic front. We can expect a weaker picture later in the year however, though at least today’s data shows the strong services sector will provide further vital support as the impact of tariffs becomes clear.

Indices drift lower again

It was a lacklustre session in the US yesterday, and Asian markets followed a similar pattern. The euphoria from Monday’s US-China truce has faded, and now markets are waiting to see if further deals materialise from here. Today’s PPI, initial claims data and a Powell speech are compelling reasons for risk to take a breather here, even if the overall push higher seems intact for the time being.

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Chris Beauchamp

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

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Gold climbs to weekly tops, approaches $5,100/oz

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