The UK economic system grew by 0.3% within the three months to November, the weakest charge in six months, dragged decrease by a fall in automobile manufacturing
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- FTSE 100 breaks by way of 7,000 for first time in 2019
- Flybe rescued by Virgin and Stobart in cut-price deal
The UK economic system grew by 0.3% within the three months to November, down from 0.4% within the three months to October and the weakest in six months.
Progress was pushed by the companies sector, whereas manufacturing output fell.
Progress within the UK economic system continued to sluggish within the three months to November 2018 after performing extra strongly by way of the center of the yr. Accountancy and housebuilding once more grew however a variety of different areas had been sluggish.
Manufacturing noticed a steep decline, with automobile manufacturing and the often-erratic pharmaceutical business each performing poorly.
Neil Wilson, analyst at Markets.com, says the FTSE’s break by way of the 7,000 mark is critical:
FTSE 100 is testing 7,000 once more, displaying a agency bounce from the important thing check at 6,700 which it has survived. The realm round 7,000 is the 38% retracement of the rally from the 2016 lows to the 2018 highs.
It’s additionally an space the place we noticed plenty of choppiness final November and is prone to kind a key resistance level. The symptoms seem fairly bullish with the index breaking free from downtrend resistance and thru its 50-day transferring common on the shut yesterday, which has proved a really sticky space of resistance all through the latest downtrend.