UK car production heads for first annual fall since financial crisis – as it happened
US GDP is still on track for Trump to keep to his campaign promise of 3% GDP for 2017 even as Q3 missed forecast projections.
The GDP print came out lower than consensus at 3.2%, with the blame placed on weaker consumer spending dampening the figure. The figure still showed improvement from the second quarter of 2017 but failed to match the ambitious target. With the GOP tax bill being passed earlier in the week, Republicans are expecting the changes in Tax Code will see wages increasing and the average consumer having more disposable income. The Federal reserve however said the Tax reform will boost the growth outlook, but uncertainty is still a strong underlying factor. Once the fourth quarter figure is released investors will be keen to see if Trump actually delivered on his pledge and whether the effects of the biggest Tax Reform in 30 years is beneficial for growth.
Balraj Sroya, Sales Trader at Foenix Partners, quoted in the Guardian