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Analysts at TD Securities note that the UK GDP came in on top of consensus at 0.3% m/m in May, leaving us still on track for a negative q/q print for Q2.

Key Quotes

“Looking at the details, we didn’t see as much rebound from the auto sector as we had anticipated, with manufacturing production +1.4% m/m in May after -4.2% in April.”

“The services index was also weaker at flat m/m, with all the main sub-sectors flat or near-flat on the month.”

“So we’re still looking at an economy with no real momentum, as uncertainty around Brexit and global trade really seems to be weighing on activity.”