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LONDON, Oct (Shenzhen: 000069.SZ - news) 4 (Reuters) - Britain's economy remains stuck in low gear but price pressures are rising again, according to surveys on Wednesday that will probably keep the Bank of England on track to raise interest rates soon. The IHS Markit/CIPS Purchasing Managers' Index (PMI) also showed businesses were increasingly worried as Britain's departure from the European Union approaches with little clear sign of its future trading relationships.
LONDON, Oct (Shenzhen: 000069.SZ - news) 3 (Reuters) - Sterling slipped to a three-week low on Tuesday after data showed construction sector activity tumbled in September, and as investors worried about political and economic uncertainty surrounding Britain's exit from the European Union. Brexit minister David Davis told the Conservative Party conference on Tuesday that Britain wants to negotiate an exit agreement with the EU but is ready to walk away with no deal, and that officials were "contingency planning" to make sure all scenarios were covered. The comments added to a sense of uncertainty over Britain's future - both political and economic - for investors that has dragged sterling down more than 10 percent against the dollar since last June's vote for Brexit.
Britain's construction sector slumped unexpectedly last month as new work dried up amid a "Brexit blight" of uncertainty, according to closely watched economic data. Figures from the IHS Markit (Stuttgart: A1139A - news) /CIPS purchasing managers' index (PMI) suggested the sector was heading for a second quarter of decline in a row - effectively entering recession, economists said. The PMI (Other OTC: PMIR - news) data showed a reading of 48.1 for the construction sector in September, where the 50-mark separates growth and contraction.
LONDON, Oct (Shenzhen: 000069.SZ - news) 3 (Reuters) - Britain's construction companies in September reported the sharpest fall in activity since just after June 2016's Brexit vote, as clients put projects on hold due to uncertainty over the economy. Although construction makes up just 6 percent of Britain's economy, the survey suggested it was likely to drag on official third-quarter growth figures, just as the Bank of England gets ready to raise interest rates.
LONDON, Oct (Shenzhen: 000069.SZ - news) 2 (Reuters) - British manufacturing growth cooled last month as cost pressures lurched higher, according to a survey that could put the Bank of England a step closer to raising interest rates, despite a murky outlook ahead of Brexit. Monday's IHS Markit (Stuttgart: A1139A - news) /CIPS UK Manufacturing Purchasing Managers' Index (PMI) fell to 55.9 from a downwardly revised 56.7 in August, undershooting the consensus of 56.4 in a Reuters poll of economists.
Sterling hit a three-week high on Friday, boosted by a stronger-than-expected business sentiment survey as well as a forecast-lagging U.S. non-farm payrolls report that knocked the dollar down. "If Federal Reserve policymakers were already starting to question the need for another rate hike this year – and the pace thereafter – then this week's data won't have made them feel any more comfortable," said OANDA analyst Craig Erlam.
Sterling steadied above $1.29 on Friday, gaining back some initial losses in morning trade in London after the PMI index of sentiment among manufacturers came in well above forecasts. The survey showed Britain's factories grew a lot more strongly than expected in August as work flowed in from home and abroad, suggesting the economy might be picking up speed after a slow first half of 2017. Chief EU negotiator Michel Barnier said on Thursday after four days of talks that Britain's withdrawal negotiations with the European Union had failed to make the kind of progress needed to move into a new phase in October.
The UK manufacturing sector bounced back strongly in July thanks to the strongest surge in export orders for more than seven years. Monthly purchasing managers' index (PMI) data from Markit (NasdaqGS: MRKT - news) /CIPS UK Manufacturing showed higher than expected growth in Britain's factories with a reading of 55.1 last month, up from 54.2 in June. The beleaguered manufacturing sector is still struggling to catch up following the recession nine years ago despite efforts to drive growth.
The biggest surge in export orders since 2010 helped British factories to recover in July from a seven-month low, according to a survey on Tuesday that may temper some of the concerns among Bank of England officials about a slowdown in the economy. Sterling hit its highest level in 10 months against the U.S. dollar and British government bond prices fell after Tuesday's Markit (NasdaqGS: MRKT - news) /CIPS UK Manufacturing Purchasing Managers' Index (PMI) rose to 55.1 from a downwardly revised 54.2 in June.
Eurozone private sector business activity slowed in July for the second month running but was still running near six-year highs, a closely watched survey showed
Hopes of a recovery in investment by British companies -- a reason why some Bank of England officials think the economy can handle higher interest rates -- are likely to lead to disappointment, a closely watched survey suggested on Wednesday. BoE (Shenzhen: 000725.SZ - news) rate-setter Michael Saunders has said he is "reasonably confident" that lower consumer spending will be offset by higher exports and investment, justifying his vote to raise interest rates from a record low 0.25 percent. Business expectations in the services sector sank in June to their weakest level since last summer's vote to leave the European Union, and they were not far off lows last reached in late 2011.
The UK economy is "losing momentum", according to a closely-watched survey of businesses which found growing uncertainty since Theresa May's election gamble backfired. The Markit/CIPS purchasing managers' index (PMI) for the service sector showed business expectations at their lowest level since the month after the Brexit vote last year. Taking the findings of its earlier readings for manufacturing and construction into account, Markit (NasdaqGS: MRKT - news) said it believed the UK economy will have grown by 0.4% in the second quarter of the year.
British factories grew more slowly than expected in June as export orders rose at the weakest pace in five months, according to a survey on Monday that might disappoint Bank of England officials who favour raising interest rates. Sterling, which jumped last week on expectations of a BoE (Shenzhen: 000725.SZ - news) shift towards higher borrowing costs, fell after the Markit (NasdaqGS: MRKT - news) /CIPS UK Manufacturing Purchasing Managers' Index(PMI) slipped to 54.3 from a downwardly revised 56.3 in May, a three-month low. The reading was below all forecasts in a Reuters poll of economists that had pointed to a reading of 56.5.
Eyes are now on Congress where Republican Senators have presented their revised healthcare bill, which traders hope will pass through Congress and pave the way for President Donald Trump to focus on his ...
IHS Markit said its June Composite Purchasing Managers Index for Germany came in at 55.7 points, the lowest reading in five months and down from 56.8 in May
The French PMI rose to 56.9 points in May, its highest level since May 2011, from 56.6 points in April, Markit said in a statement
Data monitoring company IHS Markit said its April Composite Purchasing Managers Index for the eurozone came in at 56.7 points, the highest reading since April 2011 and up from 56.4 points in March
Britain's economy has probably slowed from its strong growth of late last year and a cooling jobs market and hefty price increases will become increasingly apparent as Brexit gets underway, according to a survey published on Wednesday. The Markit/CIPS Services Purchasing Managers' Index (PMI), a closely watched gauge of Britain's services industry, rose to a three-month high of 55.0 in March from 53.3 in February. Services companies raised their selling prices at the fastest pace since 2008, a sign that inflation may rise more than the 3 percent expected by many forecasters this year.
Euro zone businesses enjoyed their best quarter in six years at the start of 2017 and although growth was not quite as fast as a flash estimate, the upturn was broad-based, a survey suggested on Wednesday. Soaring demand allowed firms to raise prices at the fastest rate since mid-2011 and survey compiler HIS Markit said the data pointed to first-quarter economic growth of 0.6 percent, faster than the 0.5 percent predicted in a Reuters poll last month. The final Markit Composite Purchasing Managers' Index, regarded as a good guide to growth, rose to a near-six year high of 56.4 in March from February's 56.0.
Optimism among some of the UK’s most powerful chief financial officers (CFOs) has continued to recover from post-referendum lows as doomsday predictions about Brexit's impact on the economy fail to materialise. Some 130 CFOs from companies listed on the FTSE 350, Britain's 350 largest companies, took part in Deloitte's latest confidence survey, representing 91 companies worth a combined £376bn. "It is clear from this survey that the UK corporate sector enters the negotiation phase of Brexit in far better spirits than seemed likely in the months after last year's referendum vote," he said.