ONS data showed UK GDP rose 0.7% QoQ in Q3 (0.5% in Q2), matching consensus;
September GDP grew 0.2% MoM versus 0.0% expected. Activity has outperformed
despite the Iran war energy shock, partly driven by AI-related spending,
prompting economists to raise 2024 forecasts. The print increases pressure for
further tightening after the Bank of England's first rate rise in over three
years last week; markets currently price a further BoE hike in December.
