UK GDP data released today underwhelmed as the UK economy shrank by 0.3% for the month of October. Having avoided a contraction during the July-September period it appears the luck has finally run out. The July- September period largely coincided with the UK summer which could in part explain the GDP number posted. The increase in visitors and travel by UK residents largely playing an important part in avoiding a contraction. Following today’s data UK interest rate swaps were fully pricing in 4 cuts of 25bps each in 2024.