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Guardian Stockbrokers Key Economic News Wednesday 1 July 2020

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The key points from today’s economic news, brought to you by Guardian Stockbrokers.

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UK GDP dropped more than expected in 1Q 2020

In the UK, final gross domestic product (GDP) dropped 2.20% on a QoQ basis in 1Q 2020, compared to a flat reading of 0.00% in the prior quarter. Markets were anticipating GDP to ease 2.00%.

UK current account deficit widened in 1Q 2020

In the UK, current account deficit widened more than expected to £21.10 billion in 1Q 2020, compared to a revised deficit of £9.20 billion in the previous quarter. Markets were expecting current account deficit to widen to £15.00 billion.

Euro-zone CPI rose more than expected in June

In the Euro-zone, the flash consumer price index (CPI) advanced 0.30% on a YoY basis in June, compared to a rise of 0.10% in the previous month. Markets were expecting the CPI to record a rise of 0.10%.

Jerome Powell testifies that failure to contain the virus will create new hurdles

US Federal Reserve Chairman, Jerome Powell, in his testimony before House finance committee, stated that the US economy has entered a new phase of economic recovery sooner than expected but still faces challenges in the labour market and in curbing the coronavirus spread. Further, he warned that failure to contain the spread of COVID-19 would result in an economic fallout.

US consumer confidence index rose in June

In the US, the consumer confidence index registered a jump to a level of 98.10 in June, compared to a revised reading of 85.90 in the previous month.

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