Investing.com – U.K. industrial order expectations deteriorated more-than-expected in December, falling to the lowest level since October 2010, industry data showed on Thursday.
In a report, the Confederation of British Industry said its index of industrial order expectations declined by 4.0 points to minus 23.0 in December, compared to a reading of minus 19.0 in November.
Analysts had expected the index to fall by 1.0 point to minus 20.0 in December.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Export orders dropped to minus 32 from minus 31, hitting their lowest level since January last year. The data show the industrial sector, which outperformed services when the U.K. recovery started, was slipping back into contractionary territory.
Commenting on the report, CBI Chief Economic Advisor Ian McCafferty said, “The weaker export performance no doubt reflects ongoing instability in the euro area, our biggest export market, and its knock-on impact on prospects for the real economy.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD rising 0.26% to trade at 1.5509.
Meanwhile, European stock markets were broadly higher. The FTSE 100 gained 0.55%, the EURO STOXX 50 jumped 0.65%, France’s CAC 40 advanced 0.7%, while Germany's DAX rallied 1%.
In a report, the Confederation of British Industry said its index of industrial order expectations declined by 4.0 points to minus 23.0 in December, compared to a reading of minus 19.0 in November.
Analysts had expected the index to fall by 1.0 point to minus 20.0 in December.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Export orders dropped to minus 32 from minus 31, hitting their lowest level since January last year. The data show the industrial sector, which outperformed services when the U.K. recovery started, was slipping back into contractionary territory.
Commenting on the report, CBI Chief Economic Advisor Ian McCafferty said, “The weaker export performance no doubt reflects ongoing instability in the euro area, our biggest export market, and its knock-on impact on prospects for the real economy.”
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD rising 0.26% to trade at 1.5509.
Meanwhile, European stock markets were broadly higher. The FTSE 100 gained 0.55%, the EURO STOXX 50 jumped 0.65%, France’s CAC 40 advanced 0.7%, while Germany's DAX rallied 1%.