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On the UK data front, the signs are the public finances are performing somewhat better than expected, raising the possibility of an overfund with only two months data left before the end of this fiscal year. The heavweight release is the second estimate of Q4 GDP, the output/expenditure estimate, with the headline numbers determined by the output data. No change is expected for the headline numbers from the 0.2% quarterly fall in the first estimate. The expenditure side will show how consumers fared under the continuing squeeze on real incomes.
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