Data released this morning by the ONS (Office for National Statistics) shows the UK economy contracted by 1.5% in the first quarter but this was not quite as bad as forecasts of 1.7% by economists. UK chancellor, Rishi Sunak, said he would “continue to take all the steps necessary to support our recovery”.

Inflation data is also due in the US today. The numbers will be closely watched by investors worried that a sharp rise in inflation could prompt the Fed to raise interest rates.

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