Investing.com – Industrial order expectations rose more-than-expected in the U.K. in November, industry data showed on Thursday.
In a report, the Confederation of British Industry said its index of industrial order expectations rose to -15.0 in November, after falling to -28.0 in October.
Analysts had expected the index to rise to -24.0 in November.
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, “Manufacturing demand improved in November, following October’s more negative figures for total and export orders. Demand is now back in line with that over the summer months, suggesting that particularly weak order book readings last month may have been a one-off.”
He added that, “Inflationary pressures are a concern, with companies saying they will be increasingly forced to pass on at least part of their rising costs in the form of higher prices.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.43% to hit 1.5976.
Meanwhile, European stock markets were broadly higher. The FTSE 100 soared 1.41%, the EURO STOXX 50 jumped 1.67%, France’s CAC 40 gained 1.77%, and Germany's DAX climbed 1.45%.
In a report, the Confederation of British Industry said its index of industrial order expectations rose to -15.0 in November, after falling to -28.0 in October.
Analysts had expected the index to rise to -24.0 in November.
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, “Manufacturing demand improved in November, following October’s more negative figures for total and export orders. Demand is now back in line with that over the summer months, suggesting that particularly weak order book readings last month may have been a one-off.”
He added that, “Inflationary pressures are a concern, with companies saying they will be increasingly forced to pass on at least part of their rising costs in the form of higher prices.”
Following the release of that data, the pound was up against the U.S. dollar, with GBP/USD gaining 0.43% to hit 1.5976.
Meanwhile, European stock markets were broadly higher. The FTSE 100 soared 1.41%, the EURO STOXX 50 jumped 1.67%, France’s CAC 40 gained 1.77%, and Germany's DAX climbed 1.45%.