Investing.com – U.K. industrial order expectations deteriorated slightly in November, steadying following the previous month’s sharp drop, industry data showed on Thursday.
In a report, the Confederation of British Industry said its index of industrial order expectations declined to minus 19.0 in November, in line with expectations and down from a reading of minus 18.0 in October.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Expectations for output growth remained negative for the second month running. Slackened demand and subdued output prospects have continued to dampen expected output price inflation.
Commenting on the report, CBI Chief Economic Advisor Ian McCafferty said, “Developments in the euro zone, and their impact on prospects for our major trading partners, are clearly hitting the UK manufacturing sector.”
“With heightened uncertainty over global prospects and business confidence falling sharply, it is very possible that factories will see production slowing further in the near term," Mr. McCafferty added.
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD rising 0.18% to trade at 1.5554.
Meanwhile, European stock markets were broadly higher. The FTSE 100 gained 0.65%, the EURO STOXX 50 jumped 1.55%, France’s CAC 40 rallied 1.7%, while Germany's DAX surged 1.75%.
In a report, the Confederation of British Industry said its index of industrial order expectations declined to minus 19.0 in November, in line with expectations and down from a reading of minus 18.0 in October.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Expectations for output growth remained negative for the second month running. Slackened demand and subdued output prospects have continued to dampen expected output price inflation.
Commenting on the report, CBI Chief Economic Advisor Ian McCafferty said, “Developments in the euro zone, and their impact on prospects for our major trading partners, are clearly hitting the UK manufacturing sector.”
“With heightened uncertainty over global prospects and business confidence falling sharply, it is very possible that factories will see production slowing further in the near term," Mr. McCafferty added.
Following the release of that data, the pound held on to gains against the U.S. dollar, with GBP/USD rising 0.18% to trade at 1.5554.
Meanwhile, European stock markets were broadly higher. The FTSE 100 gained 0.65%, the EURO STOXX 50 jumped 1.55%, France’s CAC 40 rallied 1.7%, while Germany's DAX surged 1.75%.