In the UK, the economy grew by 0.6% in Q2, which is actually rather good. But the quarter may have been distorted by an exceptionally good performance in April.

In the coming week, we will get the full set of purchasing managers indexes tracking the US, Eurozone and UK economies, they will give us a good idea of what happened in July, early indications are that the UK slowed sharply, but that the US saw a healthy pick-up while the Eurozone slowed, but not to the extent that the UK did.