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Britain may be emerging out of the double dip recession

Article By: ,  Financial Analyst
October 26, 2012 1:30 PM

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- It was announced yesterday that UK GDP had risen by 1%, suggesting that Britain may be emerging out of the double-dip recession

- There was little reaction in the markets however and the FTSE eventually closed flat at the end of the session

- Some anticipated that the 2012 London Olympics could be distorting the figures, and widespread caution about the longer term impact of recession were believed to have been hindering market gains

- This is alongside the impact of the ongoing eurozone crisis, and today three French banks including BNP Paribas have been downgraded, which is another blow to the EU powerhouse

- The CAC opened 30 points lower, but losses were seen widely across the board, after disappointing earnings from US giants Apple and Amazon contributed towards pessimism over the future outlook for investors

- The FTSE opened at 5770 down 30 points, DAX opened at 7167- also down 30, and the Dow futures were down 110 points by 9am. In other news, nine more banks have been linked to the LIBOR scandal and are now under investigation

- UK banks will be reporting next week so that will certainly be something to keep a close eye on, as well as the US Advance GDP later this afternoon at 1.30pm

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