UK stocks have opened higher this morning after data from the Office for National Statistics showed that the UK economy grew by 5.5% in the second quarter, much higher than estimates of 4.8% in GDP growth.

At the European Central Bank Forum, Fed Chairman Jerome Powell said that inflation could last longer than previously thought due to supply chain issues but added that this would likely be temporary.

China’s official Manufacturing PMI for September declined to 49.6, indicating contraction. This was below expectations of slight growth at 50.1.

In the US a feared government shutdown on Friday was avoided after an agreement was reached with lawmakers to extend government spending until December.