UK manufacturing disappointed markets with a reported -0.4% decrease in November from a forecasted -0.1%. Also industrial output rose 0.1% as expected but y/y it rose 1.7% which was above expectations. The UK was expected to report no change in month on month industrial output and manufacturing production. The manufacturing sector is not the strongest in the UK, as seen by consistently low PMIs.
The better than expected PMI for the services sector allowed the pound to recover last week after being hit by the other figures. Later this week, we’ll hear from the Bank of England. While no rate hike is on the cards this time, the meeting minutes should give more of an indication of when the Bank of England are looking to raise interest rates.
There are no key announcements today.
Daily Market Report - 09/12/2015