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Bull Rally Accelerates

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Economists Survey Raises 2021 CPI Forecast To 4.9%

UK DATA
UK DATA: MNI's data team highlight that UK GDP data is set to show stronger Q2
growth:
-Analysts Tend To Be Overly Optimistic in Q2: Over the past 19 Q2 GDP estimates,
analysts overestimated on average by 0.06 pct points.
-Sullom Voe No Longer a Source of Woe: April, May saw industrial production fail
to break away from a weak Q1. May's contraction, however, was largely due to
unplanned maintenance on the Sullom Voe oil and gas terminal, as well as the
hottest May on record which lowered utilities output.
-Retail Sales Point to Strong Q2 but Weak June Services Output: Growth in retail
sales will add 0.11 pp to second quarter GDP, according to an ONS official.
-Weak Manufacturing Momentum Likely Carried Over Into June: ONS officials
stressed that the weak performance in Q1 was not weather-related and therefore
could illustrate inherent weakness.
-Weather-Sensitive Construction Output Likely to Reverse Q1's Weakness:
According to ONS officials, half of Q1's 0.8% decline in construction output was
down to the weather.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com