Investing.com - U.K. industrial order expectations deteriorated significantly more-than-expected in August, falling to the lowest level in eight months, industry data showed on Tuesday.
In a report, the Confederation of British Industry said its index of industrial order expectations deteriorated by 15.0 points to a reading of minus 21.0 in August from July’s reading of minus 6.0.
Analysts had expected the index to decline by 2.0 point to minus 8.0 in August.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Commenting on the report, CBI Head of Economic Analysis Anna Leach said, “The economic environment for U.K. manufacturers remains challenging, with domestic demand relatively muted and the ongoing euro zone crisis now seeming to drag on broader global economic momentum.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.31% to trade at 1.5758.
Meanwhile, European stock markets remained broadly higher. London’s FTSE 100 rose 0.25%, the EURO STOXX 50 gained 0.55%, France’s CAC 40 advanced 0.6%, while Germany's DAX added 0.35%.
In a report, the Confederation of British Industry said its index of industrial order expectations deteriorated by 15.0 points to a reading of minus 21.0 in August from July’s reading of minus 6.0.
Analysts had expected the index to decline by 2.0 point to minus 8.0 in August.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Commenting on the report, CBI Head of Economic Analysis Anna Leach said, “The economic environment for U.K. manufacturers remains challenging, with domestic demand relatively muted and the ongoing euro zone crisis now seeming to drag on broader global economic momentum.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD adding 0.31% to trade at 1.5758.
Meanwhile, European stock markets remained broadly higher. London’s FTSE 100 rose 0.25%, the EURO STOXX 50 gained 0.55%, France’s CAC 40 advanced 0.6%, while Germany's DAX added 0.35%.