Dice on paper
Markets

U.K. manufacturing production falls back in May, still beats consensus

Investing.com -

Investing.com - Manufacturing production in the U.K. fell in May, underlining concern about the country's economic outlook, official data showed on Thursday.

In a report, the U.K. Office for National Statistics said that manufacturing production decreased by a seasonally adjusted 0.5% in May, better than expectations for a decline of 1.0% and following a gain of 2.4% a month earlier that was revised from an initial 2.3% advance.

On an annualized basis, manufacturing production rose at rate of 1.7%, better than forecasts for a 0.7% increase and after advancing at a rate of 1.5% in April that was revised from an initial gain of 0.8%.

The report also showed that industrial production decreased by a seasonally adjusted 0.5%, better than forecasts for a 1.0% decline and following a gain of 2.1% in the preceding month that was revised from the previous estimate of 2.0% growth.

Year-on-year, industrial production increased 1.4% in May, better than expectations of a 0.5% rise and after the 2.2% advance registered in April, changed from the initial reading of a 1.6% increase.

Immediately after the report, the pound showed strength, moving off record lows against the dollar. GBP/USD was at 1.2991 from around 1.2982 ahead of the announcement, while EUR/GBP was at 0.8533 from 0.8532 earlier.

European stocks were trading higher. London's FTSE 100 gained 1.77%, the Euro Stoxx 50 rose 1.70%, France's CAC 40 traded up 2.00%, while Germany's DAX advanced 1.42%.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com apps for Android and iOS! http://glocdn.investing.com/news/LYNXNPEAB00RB_M.jpg

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx