Malaysia GDP Growth Weakest in a Year Amid Global Slowdown By Bloomberg



(Bloomberg) — Malaysia’s economic growth eased in the third quarter to its slowest pace in a year amid declining exports and weaker factory output.

Gross domestic product rose 4.4% in the three months through September from a year ago, according to figures from the central bank. That matched the median expectation in a Bloomberg survey of economists.

The slower third-quarter print comes after Malaysia’s economy bucked the regional trend in the previous three months by expanding 4.9% — its fastest pace in more than a year — even as its neighbors’ growth slowed. Analysts are calling for Malaysia’s central bank to begin easing borrowing costs next year after a surprise cut last week to banks’ reserve ratio requirement hinted at the need to bolster growth.

“The weak growth figure in every sector means BNM will need to cut rates to support growth,” said Trinh Nguyen, senior economist at Natixis Asia Ltd. in Hong Kong, predicting the benchmark rate will be 50 basis points lower by the end of 2020. Inflation “is low and growth is decelerating, so the hurdles to a rate cut are low.”

Economy ‘Resilient’

Signs of strain have begun to show in Malaysia’s economy as exports slid in September by the most since 2016 and industrial production growth eased in the three months through September. The global downturn has put pressure on Prime Minister Mahathir Mohamad’s government, which widened its 2020 budget deficit target to support growth, delaying its goal of fiscal consolidation.

In slides accompanying the data release, Bank Negara Malaysia said the economy will remain “resilient” this year and next and that monetary policy “remains accommodative and supportive of economic activity.” The central bank is maintaining its full-year forecast of 4.3%-4.8% GDP growth for 2019, governor Nor Shamsiah Mohd Yunus told reporters.

“We think the economy is likely to lose more steam in the quarters ahead,” Alex Holmes, an economist with Capital Economics, wrote in a research note. “Looser monetary policy is likely to be offset by headwinds from elsewhere. Tighter fiscal policy is a key headwind as the government aims to bring down the budget deficit.”

Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. in Singapore, said Friday’s data was neutral for the ringgit. The currency held its gains after the release, up 0.2% to 4.1483 per dollar.

The reserve-ratio cut earlier this month, coupled with signs that activity may be starting to recover, “suggest that there is no urgency” for the central bank to cut its benchmark rate, he said.

Infrastructure Projects

Data on Friday showed annual growth in GDP components slowed almost across the board compared to the second quarter. Domestic demand and a resumption of big-ticket transport projects will help support the economy going forward, while risks include the trade war and commodity-price volatility, the central bank said.

Despite the overall decline in exports as global growth slows, U.S.-China trade tensions have allowed Malaysia to ship an additional $1.4 billion of goods to the world’s two largest economies from January through August, the central bank said.

Asked if the reserve-ratio cut was a prelude to further adjustments to the benchmark rate, Shamsiah said the central bank is “not on a preset” course and will monitor incoming data. The central bank has cut rates once this year by 25 basis points, less than the easing carried out by many of its Southeast Asian peers.

(Adds analyst comments in fourth, seventh and ninth paragraphs; ringgit level in eighth paragraph)

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ECB’s Lagarde will echo Draghi’s stance, but QE won’t help growth, economists say: Reuters poll By Reuters



By Shrutee Sarkar

BENGALURU (Reuters) – Easy money from the European Central Bank will not revive the euro zone’s frail economy, according to a Reuters poll of economists, who said the ECB’s new president, Christine Lagarde, would follow policies similar to her predecessor’s.

The ECB has resumed bond purchases, buying 20 billion euros worth of bonds a month, and in September it lowered its deposit rate deeper into negative territory while keeping the door open to future reductions.

Forward-looking indicators suggest a slowdown in the euro zone, but the chances of a recession over the coming year fell to 25% from 30% in the last poll. For the coming two years, it was down to 30% from 35%.

While many major central banks, including the U.S. Federal Reserve, are easing policy, there are risks from a U.S.-China trade war and from Brexit.

“We think that ultimately if growth continues to disappoint and especially inflation continues to disappoint, there will be more pressure on the ECB to do at least something again,” said Elwin de Groot, head of macro strategy at Rabobank.

“And then rate cuts are probably the path of least resistance, because it’s also clear that wrapping up quantitative easing again, that’s become tougher.”

Despite monetary stimulus, euro zone inflation languishes at less than half the ECB’s target of just below 2%. The Nov. 11-14 poll suggested it would not be anywhere near that until at least July 2021.

Inflation was predicted to average 1.2% next year, unchanged from October’s survey. The median forecast for 2021 was 1.4%, the lowest since polling started for this period in January.

Quarterly inflation forecasts were downgraded or kept the same from last month’s poll for every quarter from now through the end of 2020.

The euro zone economy expanded 0.2% last quarter and the regular poll of over 80 economists predicted GDP growth would average 0.2% to 0.3% per quarter from now to mid-2021, largely unchanged from the last poll.

Over 90% of economists who answered an additional question said Lagarde, who took over as ECB president this month, will follow former President Mario Draghi’s dovish policy stance.

Lagarde and Governing Council members met on Wednesday after public opposition from some policymakers over the stimulus raised doubts among market players about the likelihood of more easing.

When asked if Lagarde would be successful in helping facilitate a “synchronized fiscal response” to the slowdown over the coming year, 60% of 43 economists said no.

“Lagarde will definitely try. But experience has shown that it is too much to coordinate 19 countries,” said Jens Oliver Niklasch, senior economist at LBBW.

“Admittedly, it might be a question of perspective. Many politicians will proclaim progress … and we might see some sort of a small-dimensioned fiscal capacity for the euro area.”

Despite expectations for lacklustre growth over coming quarters, the timing of the ECB’s next deposit rate cut, to -0.6% from -0.5%, was moved to the second quarter of next year from the first quarter predicted a month ago.

The refinancing rate was seen unchanged at 0.0% through to the end of 2021 at least.

(Polling by Sujith Pai and Tushar Goenka, editing by Larry King)



Got Bitcoin? US Fed Warns National Debt Growth Is ‘Not Sustainable’ By Cointelegraph


© Reuters. Got Bitcoin? US Fed Warns National Debt Growth Is ‘Not Sustainable’

The head of the United States Federal Reserve has admitted current economic policy is “not sustainable” — but that it is not its job to fix it.

Speaking during testimony before Congress’ Joint Economic Committee on Nov. 13, Jerome Powell noted that currently, U.S. national debt is growing faster than nominal GDP.

Continue Reading on Coin Telegraph

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Oil gains on U.S. crude stocks fall, OPEC comments on slower U.S. shale growth By Reuters


© Reuters. An oil pump is seen just after sunset outside Saint-Fiacre

By Florence Tan

SINGAPORE (Reuters) – Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support.

Prices, however, were capped by mixed signs for oil demand in China, the world’s biggest crude importer, as industrial output rose more slowly than expected in October, but oil refinery throughput hit the second-highest level ever.

Brent futures () rose 47 cents, or 0.8%, to $62.84 per barrel by 0808 GMT, while U.S. West Texas Intermediate crude () gained 47 cents, or 0.8%, to reach $57.59.

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo said on Wednesday that there would likely be downward revisions of supply going into 2020, especially from United States shale, adding that some U.S. shale oil firms see output growing by only 300,000-400,000 barrels per day (bpd).

While Barkindo’s comments supported oil prices, there is not a clear way for OPEC to forecast oil production outside the group, Howie Lee, an economist at Singapore’s OCBC bank said.

“I don’t see much changes in supply so prices are still trading within the same range from the start of November,” he said.

Barkindo’s comments were also in contrast with forecasts by the U.S. Energy Information Administration (EIA) on Wednesday that U.S. oil production is on course to hit new records this year and next.

The American Petroleum Institute reported on Wednesday an unexpected drop in crude stockpiles by 541,000 barrels in the week to Nov. 8, against analysts’ expectations of an increase of 1.6 million barrels. Gasoline and distillates inventories increased, the API data showed. [API/S]

Official weekly EIA data is due at 11:00 a.m. EST (1600 GMT) on Thursday. Both reports were delayed a day for the U.S. Veterans Day holiday on Monday.

OPEC and its allies, including Russia, meet on Dec. 5-6 to discuss output policy and production curbs of 1.2 million bpd that have been in place since January with the aim of supporting crude prices. The pact runs to March 2020.

Barkindo said on Wednesday it was too early to say if further output cuts would be needed.

“They have made it quite clear that they are not reducing production further,” said OCBC’s Lee. “What Saudi can do now is to urge compliance among members especially Iraq and Nigeria. If they can comply, then they can talk about cuts.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Japan’s third-quarter economic growth slumps to one-year low as trade war bites By Reuters


© Reuters. FILE PHOTO: People cross a junction in front of an electronics retailer in a business district in Tokyo

By Leika Kihara and Tetsushi Kajimoto

TOKYO (Reuters) – Japan’s economy grew at the slowest pace in a year in the third quarter as the U.S.-China trade war and soft global demand knocked exports, keeping policymakers under pressure to ramp up fiscal and monetary stimulus to bolster a fragile recovery.

Growth in private consumption also cooled from the previous quarter, casting doubt on the Bank of Japan’s view that robust domestic demand will offset the impact from intensifying global risks.

The world’s third-largest economy grew an annualised rate of 0.2% in the third quarter, slowing sharply from a revised 1.8% expansion in April-June, preliminary gross domestic product (GDP) data released by the government showed on Thursday.

It fell well short of a median market forecast for a 0.8% gain and marked the weakest growth since a 2.0% contraction in July-September last year.

The feeble data may heighten calls from lawmakers for the government to boost fiscal spending to support the economy, which many fear will take a hit from a sales tax hike which took effect in October.

Private consumption grew 0.4% in July-September, slowing from a 0.6% increase in the previous quarter, the data showed.

Capital spending, a rare bright spot in the economy, rose 0.9% in the third quarter, accelerating from the previous three months.

External demand knocked 0.2 percentage point off GDP growth, while domestic demand added 0.2 percentage point, the data showed.

The annualised growth translated into a quarterly expansion of 0.1%, smaller than the median forecast of a 0.2% gain, the Cabinet Office data showed.

The data comes as the government plans to compile a package of measures for disaster relief and to protect the economy from heightening global risks.

The BOJ kept monetary policy steady last month but signalled its readiness to maintain or even cut already low interest rates to underpin a fragile recovery.

Prime Minister Shinzo Abe’s administration proceeded with a twice-delayed sales tax hike to 10% from 8% in October as part of efforts to fix Japan’s tattered finances.

Government officials say the hit to growth from the tax hike will be smaller than the previous increase to 8% from 5% in 2014, because of measures the administration has already taken to ease the impact on households.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Russian Economic Growth Nearly Doubles After Bout of Easing By Bloomberg



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Russian economic growth accelerated to in the third quarter, the fastest pace this year, after the central bank slashed borrowing costs in four consecutive rate cuts.

The latest growth number, a preliminary reading, is a sharp acceleration from 0.9% in the second quarter and matched the median estimate in a Bloomberg survey.

“Industrial production, mining and extraction, and wholesale trade, especially in , supported growth in the third quarter,” Pavel Malkov, the head of the agency, said at a press briefing in Moscow.

Monetary easing has helped to support consumer demand that was battered by half a decade of shrinking incomes. But economists say further economic growth will be limited without fiscal stimulus. A multi-year infrastructure spending project has so far been slow to get off the ground, but could be a bigger contributor to the economy next year.

“Growth is rebounding, but beneath the headline data demand remains weak,” said Scott Johnson, an economist at Bloomberg Economics. “The economy needs stimulus to keep the recovery going, and fortunately there’s more on the way.”

The Economy Ministry said in a report published Wednesday that budget stimulus may only give a temporary boost to growth.

Key Insights

  • Years of tight monetary and fiscal policy have buffered the Russian economy against sanctions and oil price risks at the expense of growth. The budget surplus reached 3.8% of gross-domestic product, or 3 trillion rubles, in the first nine months of the year, the widest since before the global financial crisis in 2008.
  • The central bank is considering more rate reductions after inflation dropped well below a 4% target. The benchmark rate was cut to 6.5% last month, down from 7.75% at the beginning of the year.
  • The ruble has strengthened more than 8% against the dollar this year, helping bring down the cost of imports and limiting inflation.
  • The economy expanded 1.1% in January-September of this year, the statistics agency said. The rate of growth in the fourth quarter will most likely be similar to the third quarer, the Economy Ministry said Wednesday, maintained its full-year growth estimate of 1.3%.

(Updates with Economy Ministry comment in sixth paragraph)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Thai central bank to lower growth outlook, still has scope to support economy By Reuters



By Orathai Sriring and Kitiphong Thaichareon

BANGKOK (Reuters) – Thailand’s central bank will lower its economic growth forecasts for this year and next, a deputy governor said on Wednesday, and still has monetary policy space for action to support the economy despite cutting its key interest rate to a record low.

Southeast Asia’s second-largest economy is not in a crisis, however, as the country’s economic fundamentals and banks remain strong, said Deputy Bank of Thailand Governor Mathee Supapongse.

The central bank will review its 2019 and 2020 economic growth forecasts – currently at 2.8% and 3.3%, respectively – at its next monetary policy meeting on Dec. 18.

“They will likely come down, but by how much will depend on latest economic data at that time,” Mathee told Reuters in an interview.

Thai exports have been hit by global trade tensions and the strength of the baht – Asia’s top performing currency this year – has further put pressure on the trade-reliant economy.

Last week, the BOT’s monetary policy committee (MPC) cut its policy rate by 25 basis points to 1.25%, a record low last seen during the global financial crisis.

“Monetary policy is data-dependent. Our rough forecasts suggested growth and inflation would be less than expected, so the committee thought monetary policy should be eased further,” Mathee said.

He added that the MPC had got “ahead of the curve” by acting before official third-quarter gross domestic product (GDP) data is released next Monday by the state planning agency.

Although July-September growth is expected to be lower than the BOT’s forecast, it should be higher than the second quarter’s 2.3% pace, which was the weakest in nearly five years, and there should be no quarter-on-quarter contraction, he said.

Last week’s rate cut, the second in three months, prompted commercial banks to lower borrowing costs, and Mathee said that should help the economy, purchasing power and inflation.

Although the policy rate is now at a record low of 1.25%, there is still room to help the economy if necessary, said Mathee, who is a member of the central bank’s policy committee.

“I think it’s not a limitation that we have reached the bottom already,” he said, adding that Thailand had no need to cut the key rate to zero, as other measures and fiscal policy were also helping.

The BOT is still concerned about the baht’s strength, although there is no evidence of speculation in the currency, he said.

The baht weakened after the rate cut and the BOT’s further relaxations on rules to encourage capital outflows.

But it has still risen 7.6% against the dollar so far this year, sustained by Thailand’s hefty current account surplus.

The BOT will also cut its forecasts for headline inflation for this year and next, currently 0.8% and 1.0%, respectively, said Mathee, though he added Thailand was not expected to face deflation.

Headline inflation was just 0.11% in October, the lowest in 28 months and far below the BOT’s 1-4% target range, which is being reviewed.



Alibaba’s Singles’ Day sales hit record $38 billion; growth slows


HANGZHOU, China (Reuters) – Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales.

But sales growth for the annual shopping festival eased to 26%, the weakest since the event started in 2009, held back by a slowing e-commerce industry in China as the country’s economic expansion heads toward a historic low.

The event tmsnrt.rs/2WTFm7V, a gauge of Chinese consumer sentiment, has also become a shop window this year for Alibaba as it plans to sell $15 billion worth of shares in Hong Kong this month. The U.S.-listed firm has spent big to diversify its business yet still earns over four-fifths of revenue from e-commerce.

Alibaba turned China’s informal Singles’ Day into a shopping event in 2009 and built it into the world’s biggest online sales fest, dwarfing Cyber Monday in the United States which took in $7.9 billion last year. The name is a play on the date, Nov. 11, rendered 11/11 – or Double Eleven, as the event is also known.

The event has since been replicated at home and abroad, with Singles’ Day promotions found at rivals such as China’s JD.com Inc and Pinduoduo Inc as well as South Korea’s 11thStreet and Singapore’s Qoo10.

Alibaba said on Monday its gross merchandise volume or GMV for the whole event came in at 268.4 billion yuan ($38.4 billion), up 26% from last year but below Citic Securities’ forecasts for a 20-25% expansion.

In 2018, it posted a 27% sales increase.

CELEBRITY START

The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year’s 24-hour shopping bonanza with a live performance by U.S. pop star Taylor Swift followed by live-streamed marketing of over 1,000 brands.

The firm said 84 brands including those of Apple Inc, L’Oreal SA and Fast Retailing Co Ltd’s Uniqlo each made over 100 million yuan in sales in the first hour.

Over half of merchants on its Tmall marketplace used live streaming to sell products during the event, and sales generated through the medium surpassed 10 billion yuan at 8.55 a.m. (0055 GMT), Alibaba said.

“Nearly all our brands have opted for livestreaming promotions some time this year,” says Josh Gardner, who helps overseas companies sell products on Tmall as CEO of Kung Fu Data.

A screen shows the value of goods being transacted during Alibaba Group’s Singles’ Day global shopping festival at the company’s headquarters in Hangzhou, Zhejiang province, China, November 12, 2019. REUTERS/Aly Song

“It’s more entertaining than browsing through a product detail page. Traffic from livestreaming is easy to convert into transactions, and Tmall has supported stores that run livestreaming activities with resources.”

One vendor, New Zealand-based nutritional supplement maker Clinicians, broadcast livestreams from a booth set up on Alibaba’s campus. According to Carlos Zhao, China market manager, the company has seen a 40% jump in sales after it started livestreaming in China six months ago.

“This is a product form from new Zealand, everything is in English, and so many people are selling similar products, so customers wonder, ‘Which one do I choose from?’” he told Reuters. “Having a livestreamer can help to break those barriers.”

Tmall has said it expects over 500 million users to make purchases this year, about 100 million more than last year. It has also put more emphasis this year on promotions targeting areas outside of China’s massive first- and second-tier cities.

“The younger generation is buying more, and the customer from rural areas, the customers from lower-tier cities, they are buying imported products,” Tmall General Manager Alvin Liu told reporters.

Singles’ Day is known to be a stressful time for Alibaba employees with workers sleeping at the office to keep up with orders.

This year, at Alibaba’s campus in Hangzhou, workers bustle around in red t-shirts with the slogan ‘Make 11 happen’.

Slideshow (14 Images)

Percussion echoes through halls as departments bang large drums each time a sales record is broken. Pink rice cakes – dingshenggao, or ‘victory cakes’ eaten by Yue Army soldiers during the Song Dynasty – fill the office snack bars.

This is the first time Alibaba’s Singles’ Day is being held since its flamboyant co-founder Jack Ma resigned as chairman in September to “start a new life”.

Reporting by Josh Horwitz in Hangzhou; Additional reporting by Brenda Goh in Shanghai and Cheng Leng in Beijing; Editing by Christopher Cushing, Emelia Sithole-Matarise and Himani Sarkar



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Bank of Italy says government’s 2020 growth forecast ‘reasonable’ By Reuters


Bank of Italy says government’s 2020 growth forecast ‘reasonable’

ROME (Reuters) – The Italian government’s 0.6% growth forecast for 2020 is “reasonable” while the target of 1% set for 2021 is reachable, the Bank of Italy’s deputy governor said on Tuesday.

Rome should seize the opportunity offered by low interest rates to start lowering Italy’s debt-to-GDP ratio, Luigi Federico Signorini said during a parliamentary hearing on the 2020 budget.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



UK economy dodges recession, but annual growth slowest since 2010 By Reuters


© Reuters. FILE PHOTO: Customers shop for fruit and vegetables inside a supermarket in London

By David Milliken and Andy Bruce

LONDON (Reuters) – Britain’s economy grew at its slowest annual pace in nearly a decade during the three months to September as the global slowdown and Brexit worries hit manufacturing and business investment, official figures showed on Monday.

While the economy dodged outright recession, the rebound in quarterly growth was smaller than expected.

Output fell in August and September – when Britain looked at risk of leaving the European Union without a transition deal.

A month before an early election, finance minister Sajid Javid hailed what he called “solid” growth figures, a view challenged by the opposition Labour Party.

“The fact that the government will be celebrating 0.1% growth in the last six months is a sign of how low their hopes and expectations for our economy are,” Labour’s top finance official John McDonnell said.

Economists said ongoing political uncertainty and a weak global backdrop could prompt the Bank of England to cut interest rates next year, even if Prime Minister Boris Johnson passes his Brexit deal before a new Jan. 31 deadline.

“Narrowly avoiding a recession is nothing to celebrate,” said Tej Parikh, economist at the Institute of Directors. “The UK economy has been in stop-start mode all year, with growth punctuated by the various Brexit deadlines.”

Annual gross domestic product growth fell to 1.0% in the third quarter from 1.3% in the April-June period, the Office for National Statistics said, its lowest since early 2010.

This was weaker than the euro zone, which grew by 1.1%.

The quarterly growth rate recovered to 0.3% after contracting 0.2% in the three months to June when businesses wrestled with an overhang of raw materials stockpiled before the original Brexit deadline in March.

But it was a weaker rebound than the 0.4% growth predicted by the BoE and private sector economists.

BOE RATE CUT?

Britain’s economy has lost momentum since the 2016 Brexit referendum, before which it typically grew more than 2% a year.

Last week the BoE nudged up its growth forecast for 2019 to 1.4% from 1.3%. This would be the same growth rate as last year and the weakest since the financial crisis. For 2020, the BoE expects a slowdown to 1.3%.

Two BoE policymakers voted to cut rates last week and others could follow if growth remains weak and uncertainty persists about the longer-term trade ties between Britain and the EU.

“The BoE forecasts an investment rebound if a Brexit deal removes no-deal risk but we think this is optimistic,” said Nancy Curtin, chief investment officer at Close Brothers.

Business investment held steady in the third quarter but dropped by 0.6% on the year, the ONS said.

Manufacturing output fell more than expected, down 0.4% on the quarter and 1.8% on the year.

Household spending, which has been more resilient than business investment, due to low unemployment and rising wages, rose by 0.4% on the quarter. Government spending grew by 0.3%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.