Investing.com – Industrial order expectations rose more-than-expected in the U.K. in December, rising to the highest level in 2 years, industry data showed on Wednesday.
In a report, the Confederation of British Industry said its index of industrial order expectations rose to -3.0 in December, after rising to -15.0 in November.
Analysts had expected the index to rise to -12.0 in December.
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 Chief Economic Adviser Ian McCafferty said, “These figures show that the recovery in the manufacturing sector is well underway.”
He added that, “With overseas demand particularly strong, the outlook for UK manufacturing output growth is encouraging. The past sharp depreciation of Sterling should continue to underpin demand for UK exports into 2011.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.14% to hit 1.5779.
Meanwhile, European stock markets were mixed. The FTSE 100 shed 0.11%, the EURO STOXX 50 rose 0.12%, France’s CAC 40 gained 0.13%, while Germany's DAX fell 0.28%.
In a report, the Confederation of British Industry said its index of industrial order expectations rose to -3.0 in December, after rising to -15.0 in November.
Analysts had expected the index to rise to -12.0 in December.
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 Chief Economic Adviser Ian McCafferty said, “These figures show that the recovery in the manufacturing sector is well underway.”
He added that, “With overseas demand particularly strong, the outlook for UK manufacturing output growth is encouraging. The past sharp depreciation of Sterling should continue to underpin demand for UK exports into 2011.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.14% to hit 1.5779.
Meanwhile, European stock markets were mixed. The FTSE 100 shed 0.11%, the EURO STOXX 50 rose 0.12%, France’s CAC 40 gained 0.13%, while Germany's DAX fell 0.28%.