U.K. Q2 GDP came in far worse than expected, contracting 0.8% q/q(median -0.3%) after falling 2.4% in Q1, pushing the y/y rate down to -5.6% from -4.9%, its largest y/y fall since comparable records began in 1955. The poor growth reading sent Gilts higher, as survey data had indicated a less bad number. The breakdown had the service sector contracting 0.6% q/q, after a 1.6% q/q decline in Q1, while industrial output fell 0.7% q/q, compared to a 5.1% drop in Q1. Manufacturing output fell 0.3% q/q, after a 5.5% drop in Q1. Overall, today’s figures places a dampening blanket on those encouragingly “green shoots” seen so far, highlighting the continued weak state of the U.K. economy.