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European economic data takes centre stage on Friday, with
investors in risk assets fearing old world doom and gloom will
darken the mood after the recent U.S. double whammy of higher
than expected employment and cooler than expected inflation.
British second quarter GDP data is due at 0600 GMT, with the
main question being whether the recession which the Bank of
England thinks will start at the end of this year could come
sooner.
A Reuters poll of analysts expect UK GDP is expected to have
shed 0.3% in the second quarter from 0.4% growth in the first
three months of the year.
The pound was a whisker softer ahead of the data at $1.2193 and
85 pence per euro, holding just above the previous day's two
and-a-half-week low.
Also on the agenda are both euro zone and British industrial
production and French and Spanish CPI, and little good news is
expected for a continent grappling with soaring energy prices
and drought.
Markets in Asia largely rested on Friday after a busy week.
MSCI's broadest index of Asia-Pacific shares outside Japan was
steady, and set for a 1% weekly gain, benchmark U.S. 10-year
yields edged down a couple of basis points, and the dollar
languished after its bruising earlier in the week.
Looming recession: https://tmsnrt.rs/3PlQOT7
Key developments that could influence markets on Friday:
UK Jun GDP estimate (m/m)
UK Jun output data, trade balance, business investment
France, Spain, Jul CPI final
Euro zone Jun industrial production
US Jul import/ export prices
US Aug University of Michigan sentiment index
(Reporting by Alun John; Editing by Vidya Ranganathan)
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