The Office for National Statistics said economic output unexpectedly rose by 0.2% in April through June, revised upward from a previous reading of a 0.1% contraction, but remained below its pre-pandemic peak."Though it really does not change anything, it does mean the economy is suddenly on a sounder footing and may not be in a technical recession", said Craig Erlam, senior market analyst, Oanda.was up 1.
"The financial stocks move along with risk appetite in the market. Any type of stabilisation will typically see financials perform well", Erlam added. "So, I do think the central bank intervention offered some stability and stopped the bleed to an extent." Stock markets have been hit globally this year amid worries that aggressive monetary policy tightening to curb inflation could tip economies into recession. The FTSE 100 has lost 6.2% so far in 2022 and on pace for second straight quarterly decline.
The more domestically oriented FTSE 250 has slumped 8.6% for the July-September period and set to notch its third straight quarterly decline in what will be its longest such losing streak since 2008. For the month, it shed 10.5%
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