Investing.com – U.K. industrial order expectations fell more-than-expected in September, industry data showed on Thursday.
In a report, the Confederation of British Industry said its index of industrial order expectations declined to minus 9.0 in September, compared to reading of 1.0 in August.
Analysts had expected the index to decline to minus 5.0 in September.
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 Advisor Ian McCafferty said, “UK manufacturers report some slackening in demand this month, following the volatility in financial markets and the slowdown in growth in our major trading partners. As a result, firms now say stock levels are high relative to expected demand.”
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD shedding 0.4% to trade at 1.5438.
Meanwhile, European stock markets were sharply lower. The FTSE 100 tumbled 4.05%, the EURO STOXX 50 plunged 3.75%, France’s CAC 40 sank 4%, while Germany's DAX dropped 3.55%.
In a report, the Confederation of British Industry said its index of industrial order expectations declined to minus 9.0 in September, compared to reading of 1.0 in August.
Analysts had expected the index to decline to minus 5.0 in September.
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 Advisor Ian McCafferty said, “UK manufacturers report some slackening in demand this month, following the volatility in financial markets and the slowdown in growth in our major trading partners. As a result, firms now say stock levels are high relative to expected demand.”
Following the release of that data, the pound was down against the U.S. dollar, with GBP/USD shedding 0.4% to trade at 1.5438.
Meanwhile, European stock markets were sharply lower. The FTSE 100 tumbled 4.05%, the EURO STOXX 50 plunged 3.75%, France’s CAC 40 sank 4%, while Germany's DAX dropped 3.55%.