The shortened holiday week saw limited global news with the main focus on GDP measures from across the globe. The final third quarter GDP figure from the United States printed at 2.00%, beating expectations of 1.90% but dropping below the earlier estimate of 2.10% as concerns linger about the pace of inventory build across the economy. The United Kingdom also experienced a downtick in quarterly GDP which fell to 0.40% expansion versus 0.50% recorded in earlier estimates. Although still one of the fastest growing G7 nations, this alleviates pressure on the Bank of England to adjust policy near-term as they try and boost languishing inflation. Canada saw monthly GDP flat at 0.00% versus the prior month which experienced a -0.50% contraction. Most of the market volatility centered on commodities with both precious metals and energy prices rising after touching recent multi-year lows. Softness in the US dollar saw gold close the week at $1075.60 per troy ounce while Brent crude oil rose off multi-year lows to rally nearly 5.00% over the course of the week.
GDP Disappointments Circle the Globe
Weekly Report - 27/12/2015