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Industrial production and GDP growth data set to show UK economy picking up the pace

Industrial production and GDP growth figures set to show that the UK economy picked up ahead of 2018
Industrial production growth will rebound to 0.4pc in November after flatlining the previous month, economists forecast
GDP growth figures from NIESR are expected to show the UK economy growing at a rate of 0.5pc in the final quarter of 2017
Stock markets rally cools as bond yields rise on fears the top central banks will taper accomodative monetary policy quicker than anticipated; concerns stoked by Bank of Japan unexpectedly trimming its bond purchases
Sainsbury's shares climb as much as 2.8pc after beating expectations in its Christmas sales figures and upgrading profit guidance
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9:06AM
Surprise Bank of Japan bond purchases cut stokes fears of punch bowl being taken away
The good ol' boys at the BOJ are now expanding their balance sheet at just half the pace they were a year ago. A lesson in how to taper. pic.twitter.com/fag52YlmbD— Mike Bird (@Birdyword) January 9, 2018
Is the punch bowl being taken away by the top central banks?
The rally on stock markets has cooled this morning after investor took fright at the Bank of Japan cutting its purchases of long-dated Japanese government bonds.
The surprise move pushed US 10-year Treasury yields past 2.5pc but it hasn't been enough to trigger a sell-off on equity markets just yet with European stocks flat-lining in early trading.
Investors have held fire on selling riskier assets because the global economy "looks a lot more mid-cycle than late-cycle  – especially in Europe where strong growth looks set to be accompanied for the majority of the year by low inflation", according to ING's Chris Turner.
He added:

"A late cycle economy of slowing growth and stubbornly high inflation would be far more worrying for risk assets.
"What does this mean for the near term? Certainly it looks as though the bond market will stay under pressure."
8:47AM
Sainsbury's grocery sales held back by weaker Christmas at Argos
Industrial production and GDP growth data set to show UK economy picking up the pace

Sainsbury's boss Mike Coupe outside an Argos store
Sainsbury's has posted a 1.1pc lift in like-for-like sales over the festive period after a weaker performance at Argos took the shine off strong grocery sales.
The supermarket recorded a 2.3pc rise in food sales over the 15 weeks to Jan 6, boosted by a 8.2pc jump in online grocery sales and a 7.3pc sales increase at its convenience shops. Shares in Sainsbury's were up 1.7pc in early trade.
However, despite an investment in Argos's speedy Fast Track delivery service and a roll-out of Argos concessions to Sainsbury's supermarkets, the group recorded a 1.4pc drop in general merchandise sales during the third quarter.
Read Ashley Armstrong's full report here
8:36AM
Agenda: Industrial production and GDP growth data set to show UK economy picking up the pace
Industrial production and GDP growth data set to show UK economy picking up the pace

Manufacturing growth is expected to rise to 0.3pc in November
Industrial production and GDP growth figures are set to show the UK economy picking up ahead of 2018.
Industrial production growth is expected to rebound to 0.4pc in November while economists believe that construction output figures will show the sector recovering from two months of contraction to grow at a monthly rate of 0.8pc.
Meanwhile, unofficial GDP growth data from NIESR is set to indicate that the UK economy accelerated at a rate of 0.5pc in the fourth quarter, picking up from the sluggish performance that marred the first three quarters of 2017.
Asia stock rally fades as Yen gains for 2nd day on BoJ taper talk and oil prices hit 3y highs due to production cuts and a fall in inventories. Tech shares lead losses as investors book profits. Bond mkt sell-off continues. pic.twitter.com/RIC8kPnFvR— Holger Zschaepitz (@Schuldensuehner) January 10, 2018
Elsewhere, the rally on stock markets has cooled overnight after bond yields rose on fears that the Bank of Japan trimming its bond purchasing indicates that the world's central banking elite will wind down accomodative monetary policy faster than initially thought.
On the flatlining FTSE 100, Sainsbury’s has become the latest retailer to beat gloomy forecasts predicting festive sales woe for the sector over the Christmas period. Its shares have climbed as much as 2.8pc in early trading despite disappointing sales in its Argos business while housebuilder Taylor Wimpey has slipped 4pc despite trading coming in line with expectations.
Interim results: SuperGroup
Trading statement: Quiz, Taylor Wimpey, Sainsbury’s, Tullow Oil, Ted Baker, Cineworld, Foxtons, Interserve, SIG, Gocompare.com, PageGroup
Economics: Industrial production (UK), Manufacturing production (UK), construction output (UK), NIESR GDP estimate (UK), Trade balance (UK), Import & export price index (US), Wholesale inventories (US)

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