Sterling steadied on Monday after rising for three straight weeks as the US military continued its campaign aimed at destroying Tehran's ability to attack commercial shipping in the Strait of Hormuz.
Britain's economy grew by 0.1% in May as expected. While an expanding services sector drove the minimal growth, contractions in other industries signalled fragile business confidence amid the war in the Middle East.
The OECD expects a modest 0.9% GDP expansion for Britain this year and 1.1% in 2027. Notably, the country's 2026 growth forecast still outpaces all other major European nations.
Burnham is likely to pick Shabana Mahmood as his finance minister. Traders interpreted the upcoming appointment as a sign that he will not increase spending as investors initially feared.
A report published Monday reveals that finance chiefs at top British firms are increasingly optimistic about AI's business impact and slightly less concerned over geopolitical risks.
A poll by Savanta/ITV shows over 80% of people younger than under-25s are said to support a return to the EU, fuelling a renewed debate about Britain's future relationship with the bloc.
EBC Financial Group analyst says, the pound traded in a short-term correction, currently sitting near a key resistance-turned-support zone. A dip below $1.3438 could expose the confluence of SMAs below $1.34.
Asset recap
As of market close on 17 July, among EBC major products, Valero Energy shares led gains on surging oil prices. The firm authorised a new $5 billion share repurchase programme.
Netflix shares tumbled after the streaming giant forecast its worst revenue growth in three years. Its projection of 11.7% year-on-year growth in the third quarter came in below Wall Street consensus
Wall Street extended its decline as a pullback on stocks associated with the AI boom, which has driven many of the gains so far this year, morphed into a larger risk-off sentiment.
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