Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
We’re about to learn how the UK economy fared in July, during the summer heatwave.
July’s GDP report is expected at 7am. And economists are not optimistic there was much growth during the month – the concensus forecast is that GDP will be unchanged compared to June,
Over the last three months, that would slow growth to 0.3%, down from 0.4% in April-June, highighting the economic challenges facing chancellor John Healey.
A poor GDP report could add to jitters in the markets, where government bonds suffered another sell-off yesterday.
This sell-off pushed the yield, or interest rate, on 10-year UK government bonds to over 5.37% – the highest cost of borrowing since 2007.
The agenda
7am BST: UK GDP report for July
7am BST: UK trade report for July
1.30pm BST: US CPI inflation report
3pm BST: University of Michigan’s US consumer confidence report
