Q2 2014 UK GDP final 0.9% vs 0.8% exp q/q

• Prior 0.8%
• 3.2% vs 3.2% exp y/y
• Business investment 3.3% vs 1.6% exp q/q. Prior 5.0%. Revised to 0.9%
• 11.0% vs 11.5% exp y/y. Prior 10.6%. Revised to 6.7%

The data is an improvement but it does contain the new EU revisions so the market may have been looking for a bit more upside. The business investment figures look to be skewed the most by the new calculations on business research being treated as output instead of as a cost. It also looks like we’re not as promiscuous as the Spanish

Cable is seeing a bit of selling pressure but that’s coming with USD/JPY taking off as US 10 year yields trade through 2.50% to 2.51% +3bp so far.

UK Q2 2014 GDP final 30 09 2014

UK Q2 2014 GDP final chart 30 09 2014