UK: See something as weak as 0.3% q/q for second reading of 16Q2 GDP - TDS

Research Team at TDS, suggests that the UK’s second reading of 16Q2 GDP is released and revisions to imports data in the last trade report (caveat emptor with any ONS series considered “not official”) suggest a significant downward revision to the first release estimate of 0.6% q/q.

Key Quotes

“Markets are positioned for no revision, but depending on how the ONS treats the newer imports data alongside other components, we could see something as weak as 0.3% q/q. Deputy Governor Minouche Shafik is speaking at Jackson Hole, but is on a panel about the financial market landscape, so is unlikely to discuss monetary policy.”