Investing.com – U.K. industrial order expectations fell sharply in October, industry data showed on Wednesday.
In a report, the Confederation of British Industry said its index of industrial order expectations declined to minus 18.0 in October, down from a reading of minus 9.0 in September.
Analysts had expected the index to improve slightly to minus 7.0.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Sentiment about both the general business situation and export prospects fell for the second consecutive quarter. The falls in sentiment were the sharpest since April 2009.
Commenting on the report, CBI Chief Economic Advisor Ian McCafferty said, “Sentiment has deteriorated sharply, and firms expect sizeable falls in activity over the next three months. The quarterly fall in sentiment is the largest since the height of the recession in mid-2009.”
“Confidence among manufacturers is no doubt also being sapped by uncertainty over developments in the euro zone, leading to broader concerns over global growth," Mr. McCafferty added.
Following the release of that data, the pound was held steady against the U.S. dollar, with GBP/USD easing up 0.02% to trade at 1.6004.
Meanwhile, European stock markets were modestly higher. The FTSE 100 added 0.2%, the EURO STOXX 50 rose 0.1%, France’s CAC 40 edged 0.25% higher, while Germany's DAX advanced 0.15%.
In a report, the Confederation of British Industry said its index of industrial order expectations declined to minus 18.0 in October, down from a reading of minus 9.0 in September.
Analysts had expected the index to improve slightly to minus 7.0.
On the index, a reading above 0.0 indicates increasing order volume is expected, below indicates expectations are for lower volume.
Sentiment about both the general business situation and export prospects fell for the second consecutive quarter. The falls in sentiment were the sharpest since April 2009.
Commenting on the report, CBI Chief Economic Advisor Ian McCafferty said, “Sentiment has deteriorated sharply, and firms expect sizeable falls in activity over the next three months. The quarterly fall in sentiment is the largest since the height of the recession in mid-2009.”
“Confidence among manufacturers is no doubt also being sapped by uncertainty over developments in the euro zone, leading to broader concerns over global growth," Mr. McCafferty added.
Following the release of that data, the pound was held steady against the U.S. dollar, with GBP/USD easing up 0.02% to trade at 1.6004.
Meanwhile, European stock markets were modestly higher. The FTSE 100 added 0.2%, the EURO STOXX 50 rose 0.1%, France’s CAC 40 edged 0.25% higher, while Germany's DAX advanced 0.15%.