UK Manufacturing Activity Falls
Today’s official report is in contrast with Markit’s manufacturing PMI update for October and has indicated that manufacturing activity in the UK dropped unexpectedly for the same period. However, most market attention is on the NIESR report scheduled later today that is expected to provide an insight into Britain’s macro trend for the three months ended November.
Today’s data showed that German trade surplus widened more than expected for October due to a sharp fall in the nation’s imports, thereby raising concerns that demand in the nation is deteriorating. Across the Atlantic, the NFIB small business optimism survey later today is expected to attract some attention, especially after the latest ADP report indicated that hiring pace across small firms remains robust.