The markets were seen trading on the back foot on Friday amid an array of rising global political risks. Investors were seen facing risks from the proposed U.S. and North Korea talks that President Trump called off.While in Italy, the newly formed populist government brought a more cautious note to the markets.The Corruption scandal from Spain was another factor that added to the common currency’s woes.
On the economic front, data on Friday saw the release of second revised GDP estimates. Data showed that the UK’s economy grew at a pace of 0.1% in the first quarter, unchanged from the preliminary estimates. In the U.S. core durable goods orders rose 0.9% on the month beating estimates of a 0.5% increase. However, headline durable goods orders fell 1.7% on the month which was more than expected.
Looking ahead, the economic calendar is quiet today with the UK and the U.S. markets closed. Data from the Eurozone is sparse and we expect trading to also reflect the slow day in the markets.
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