The second estimate of the UK GDP posted as expected yesterday at 1.5%. The report showed consumer spending on cars had rebounded, as the changes to vehicle tax had renewed purchases. The GDP figure is in line with the amended economic outlook, which was downgraded by Chancellor Phillip Hammond in the Autumn budget on Wednesday, from two percent to one and half percent.
UK Prime Minister, Theresa May is scheduled to meet with the EU President, Donald Tusk today. May hopes the meeting will be able to provide some guarantee that her new divorce bill offer will ensure the UK will be able to progress the talks onto trade, hopefully as soon as next week. The European Commission President, Jean-Claude Juncker will be meeting with May on the 4th December and seems confidence progress has been made.
The markets will remain quiet today with no high tier data on the economic docket. From the Eurozone, Germany will be releasing the German Ifo Business Climate report, expected to post 116.6. Across the pond, the US will release the Flash Manufacturing and Services PMIs, expected to post 55.1 and 55.5.