-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI DATA IMPACT: UK Nov GDP Declines Amid Second Lockdown
Strong auto sector contributes to better-than-expected outcome
The UK economy contracted in November as the second lockdown in England came into force. Tighter restrictions weighed particularly on the service sector with pubs, restaurants and hairdressers seeing the largest impact on business. However, GDP outperformed expectations looking for a bigger drop.
GDP contracted by 2.6% in November, the first monthly decline since April, but sill managed to exceed expectations as manufacturing and construction held up well and schools remained open, limiting the impact of the restrictions on the economy compared to the first lockdown. Nevertheless, output remains 8.5% below the pre-pandemic level. December would need to record a 0.9% drop to yield a flat reading in Q4. Annual output decreased by 8.9%, marking the largest decline since July.
The service sector was the main driver of November's decline, falling by 3.4%, although coming in stronger than markets expected. Services output remains 9.9% below February's pre-pandemic level. The decrease was led by a sharp drop in accommodation and food services as pubs and restaurants had to close again. Nevertheless, the ONS noted that many businesses adjusted to the new working conditions and extended their click and collect services as well as their online sales channels.
While industrial output ticked down 0.1% in November, manufacturing output rose 0.7%. However, both indicators came in below expectations. Industrial as well as manufacturing output remain 4.7% and 0.9%, respectively, below their pre-crisis levels. Construction output rose 1.9%, exceeding expectations. The automotive sector, housebuilding and infrastructure increased in November and all of them are now above their pre-pandemic levels.
Excluding non-monetary gold and other precious metals, the total trade deficit widened in November to GBP 1.472bn as imports rose GBP 2.4bn (4.9%), while exports increased GBP 1.9bn (3.9%). The expansion of the total trade deficit was led by an increase in the trade in goods deficit.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.