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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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Posted by Alfonso Esparza at 7:37 am EST, 02/09/2010
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February
9
Today’s Global
Market Events
10:00 am

USD
IBD/TIPP Economic Optimism
49.3 vs. 48.8
USD
Wholesale Inventories m/m
0.5% vs. 1.5%
6:30 pm

AUD
Westpac Consumer Sentiment
5.6%
6:50 pm

JPY
Core Machinery Orders m/m
8.1% vs. -11.3%
JPY
CGPI y/y
-2.3% vs. -3.9%
7:30 pm

AUD
Home Loans m/m
-4.7% vs. -5.6%
Tentative

AUD
NAB Business Confidence
8
10th-12th

AUD
NAB Quarterly Business Confidence
16
CNY
Trade Balance
20.2b vs. 18.4b