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UK to Reveal Recession Worse Than Expected

Chancellor Alistair Darling said yesterday that “new data has shown that most economies, ours included, suffered a severe shock in the first quarter of this year”, leading many analysts to conclude that Darling will downgrade the government’s assessment of the economy’s performance in 2009 in the upcoming pre-Budget report due December 9th. Early indications are that the report will show that the UK economy shrank by 4.75 percent in 2009, compared to the original forecast made last March of 3.5 percent.

BBC News

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March
18
Today’s Global
Market Events
7:30 am

USD
FOMC Member Duke Speaks
8:30 am

CAD
Foreign Securities Purchases
7.75b vs. 11.23b
USD
Core CPI m/m
0.1% vs. -0.1%
USD
Unemployment Claims
456k vs. 462k
USD
CPI m/m
0.1% vs. 0.2%
USD
Current Account
-120b vs. -108b
USD
FOMC Member Hoenig Speaks
10:00 am

USD
Philly Fed Manufacturing Index
17.6 vs. 17.6
USD
CB Leading Index m/m
0.1% vs. 0.3%
10:30 am

USD
Natural Gas Storage
-37b vs. -111b
12:45 pm

GBP
MPC Member Sentance Speaks
1:00 pm

CHF
Gov Board Member Danthine Speaks
5:45 pm

NZD
Visitor Arrivals m/m
-2.4%
10:00 pm

NZD
Credit Card Spending y/y
2.6%