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US Economy Grows at 3.5% | Sterling Falls as Brexit Negotiations Stall

Published October 26, 2018
  • The US economy expanded 3.5% in the third quarter as both consumers and the government boosted spending. Consumer spending unexpectedly accelerated with a 4% increase. The data indicates a healthy job market and lower taxes which has continued to propel demand among consumers and companies.
  • The UK exit from the European Union received another setback today after a disagreement within Prime Minister May’s cabinet has delayed top-level negotiations with the European Union. Sterling has dropped to 1.2802 against the greenback on the news.
  • This Sunday, Brazil shall vote for the next president of the country, with Jair Bolsonaro holding a strong lead over Workers’ Party candidate Fernando Haddad. Analysts forecast that the Brazilian real’s recent gains out of optimism for a Bolsonaro win is already priced into the market.
  • The Comprehensive and Progressive Agreement for the Trans-Pacific Partnership will take conditional effect 60 days after six countries ratify it. Four have, so far, and Canada is set to on Monday. The deal’s enactment is a victory for the global trading system, with the CPTPP nations representing 14% of global gross domestic product.