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Big Beat In November CBI Survey

DATA REACT

That November CBI Monthly Industrial Trends Survey (1100GMT) report was much stronger than expected - order books and selling prices had been seen edging lower. Instead we got record order growth (survey started in April 1977) and a 44-year high in prices (May 1977). Best export order books since March 2019 as well.

  • CBI: "12 out of 17 sectors saw output increase, with headline growth being driven largely by the food, drink & tobacco, electronic engineering, and chemicals sub-sectors. Manufacturers expect output growth to accelerate in the next three months."
  • Though supply-side issues continue to weigh, with stock adequacy hitting a record low.
  • Possibly weighing on Gilts a little bit, with front futures off 9 ticks since the release.

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