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Risks to UK Construction PMI. Market.............>

UK
UK: Risks to UK Construction PMI. Market expectations are for a sharp rebound in
the April reading of the UK Construction PMI, due 09:30 today, to 50.5 following
last month's steep decline to 47.0. However, the MNI Data Team highlight that
the ONS are stressing that weakness in the Q1 growth data, including
construction, are not just weather related and there appears to be underlying
weakness in the data (see MNI DATA ANALYSIS: Construction Output Drags on Q1
Growth). If the Construction PMI fails to bounce back as the market expects,
this would seem consistent with the theme of a weakening UK growth picture. GBP
is the weakest major currency, after the SEK, over the past week.  

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