UK GDP (Jul MM) 0.4% vs. Exp. 0% (Prev. 0.3%)

The question that matters in past episodes is composition: a beat led by services carries more weight for the Bank than one flattered by erratic production or a rebound from a strike- or holiday-depressed prior month, and the detail usually determines whether the initial move holds into the European morning. A firmer growth run complicates the easing case on the margin, though the Bank has historically placed more weight on pay and services inflation prints than on activity data when calibrating cuts. The follow-ons are the breakdown within the release, any revision to the prior month, and how the print sits against the survey data, with the next labour market and CPI releases the more decisive inputs for the rate path. As a single monthly observation against expectations of stagnation, the signal is constructive but low-conviction absent corroboration.