However, UK shares bounced back today after data showed that growth was better than expected in January. The FTSE 100 was up 1.1% this morning.

The British Gross Domestic Product (GDP) rebounded in January by 0.8%, after a drop of 0.2% in December due to the Omicron variant and restrictions, the Office for National Statistics (ONS) announced Friday. This was fueled by the return of customers in shops and restaurants. But despite this better-than-expected performance, economists expect growth to slow as price increases weigh on demand.

Energy stocks are still the best performers, lifted by rising crude oil prices. Meanwhile, Avast fell 0.7% after the cybersecurity firm suspended operations in Russia and Belarus.

 

Things to read today:

Endgame in Ukraine: how could the war play out? (Financial Times)

The Fed Needs to Put Its Eye on the Money Supply (WSJ)