Market comment - UK not yet in technical recession

Davy Research
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The good news from today’s revised UK GDP data is that activity expanded by 0.2% in Q2 2022 rather than the 0.1% contraction. So the UK is not yet in a technical recession through Q2 and Q3 2022. However, this morning’s Nationwide Index, showing prices flat in September, suggests the housing market was cooling before recent financial market turbulence. The focus today is on Liz Truss and Kwasi Kwarteng’s meeting with the Office for Budget Responsibility amid demands for credible fiscal forecasts.