Investing.com – Manufacturing production in the U.K. rose more-than-expected in October, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that manufacturing production rose by a seasonally adjusted 0.6% in October, after rising by 0.2% in September, whose figure was revised up from 0.1%.
Economists expected manufacturing production to rise by 0.3% in October.
The report showed that year-on-year, manufacturing production rose by 5.8% in October, after rising by 4.9% in September. Analysts had expected year-on-year manufacturing production to rise by 5.4% in October.
The data primarily reflected significant gains in machinery and equipment, basic metals and metal products industries and the food, drink and tobacco products industries, while chemicals and man made fibers industries posted the largest decline.
Meanwhile, the report also showed that industrial production fell unexpectedly in October, declining by 0.2%, after rising by 0.4% in September. Analysts had expected industrial production to rise by 0.3% in October.
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.40% to hit 1.5777.
Meanwhile, European stock markets were up. The FTSE 100 gained 0.66%, the EURO STOXX 50 added 0.80%, France’s CAC 40 surged 1.14%, while Germany's DAX climbed 0.65%.
In a report, the U.K. Office for National Statistics said that manufacturing production rose by a seasonally adjusted 0.6% in October, after rising by 0.2% in September, whose figure was revised up from 0.1%.
Economists expected manufacturing production to rise by 0.3% in October.
The report showed that year-on-year, manufacturing production rose by 5.8% in October, after rising by 4.9% in September. Analysts had expected year-on-year manufacturing production to rise by 5.4% in October.
The data primarily reflected significant gains in machinery and equipment, basic metals and metal products industries and the food, drink and tobacco products industries, while chemicals and man made fibers industries posted the largest decline.
Meanwhile, the report also showed that industrial production fell unexpectedly in October, declining by 0.2%, after rising by 0.4% in September. Analysts had expected industrial production to rise by 0.3% in October.
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.40% to hit 1.5777.
Meanwhile, European stock markets were up. The FTSE 100 gained 0.66%, the EURO STOXX 50 added 0.80%, France’s CAC 40 surged 1.14%, while Germany's DAX climbed 0.65%.