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19/02/24 Briefing

European markets and the FTSE were mixed on Monday in London, as the fallout from last week's UK GDP data — and the news that the UK fell into a recession at the end of last year — continues to reverberate.

  • The FTSE 100 (^FTSE) had risen 0.3% by the close. Meanwhile the DAX (^GDAXI) dropped 0.2% and the CAC (^FCHI) was 0.1% lower. The pan-European Stoxx 600 (^STOXX) was up 0.2%.

  • The moves came following comments from the Bank of England's (BoE) former chief economist Andy Haldane on Bloomberg's podcast, that holding interest rates at the current level could risk worsening the UK's recession.

  • “For me the case for putting in place some upfront, early insurance on the monetary policy side is strong and strengthening, and I’m fearful we leave that insurance a little too late in the year," he said.

  • Last week, it was revealed the UK had ended 2023 with two consecutive quarters of negative growth — a technical recession.

  • US markets were closed for Presidents' Day.

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