GBPUSD: Forming a little hammer on the weekly chart after last week’s V-shaped recovery on the daily one. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

China GDP sets new record low Grows just 6.2 per cent, as expected

Expectations had been managed lower, what with the trade spat and waning property demand. Second quarter growth was a new record low 6.2 per cent from the same time last year, down from Q1’s 6.4 per cent, which in turn had been the record low in Q1 2009. The series was first calculated in 1992, with a record high of 15.3 per cent growth in Q1 1993. In Q2 2007 it managed 15 per cent growth, followed by another peak at 12.2 per cent in Q1 2010. Meanwhile the Financial Times reports that Hong Kong’s chief executive Carrie Lamb has offered to resign several times but Beijing has refused to let her step down because she ‘has to stay to clean up the mess she created’.

Metro newspaper reports that at yesterday’s Bastille Day celebrations gilets jaunes left their high viz vests at home and infiltrated the crowds along the Champs Elysées, Paris. President Macron, who was hosting German Chancellor Angela Merkel, arrived standing in a roofless armoured vehicle, waving; he was booed, jeered, and told to resign, the first time this has happened in modern day France. Tear gas and baton charges ensued and 175 protestors were arrested.

Financial Markets and Political Commentary
 

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