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U.K. manufacturing production rises in line with expectations

Published 09/07/2011, 04:37 AM
GBP/USD
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Investing.com – Manufacturing production in the U.K. rose in line with expectations in July, official data showed on Wednesday.

In a report, the U.K. Office for National Statistics said that manufacturing production rose by 0.1% in July, broadly in line with expectations, following a 0.4% drop in June.

Year-on-year, manufacturing production rose at an annualized rate of 1.9%, in line with expectations, after rising at a rate of 2.1% in the preceding month.

The report showed that industrial production declined by 0.2% in July, confounding expectations for a flat reading. 

Industrial production declined at an annualized rate of 0.7% in July, compared with expectations for a 0.4% decline. 

Following the release of the data, the pound pared gains against the U.S. dollar, with GBP/USD up 0.29% to trade at 1.5989.

Meanwhile, European stock markets were sharply higher. The FTSE 100 jumped 2.3%, the EURO STOXX 50 surged 2.9%, France’s CAC 40 rose 2.7%, while Germany's DAX rallied 3%.

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