MNI China Daily Summary: Friday, November 22

UK NOV FLASH MANUF PMI 48.6 (FCST: 50.0); OCT 49.9

EUROZONE NOV FLASH MANUF PMI 45.2 (FCST: 46.0); OCT 46.0

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MNI China Daily Summary: Thursday, November 21

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GERMANY NOV FLASH MANUF PMI 43.2 (FCST: 43.0); OCT 43.0

FRANCE NOV FLASH MANUF PMI 43.2 (FCST:44.5); OCT 44.5

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UK DATA: Clothing sales weigh on UK retail sector; little impact for monpol

UK DATA
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  • The ONS press release points to uncertainty ahead of the Budget impacting sales, particularly for non-food stores (the risks of which we flagged in our preview).
  • The biggest fall was within clothing stores which fell 3.1%M/M (although this is after some strong performance over the past few months).
  • As we often note, this is a volatile series so in spite of the disappointing print today and the downward revision to prior data, we don't think there are any notable implications for monetary policy here, or anything here to make any MPC member change their vote or question their thought process.
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  • The ONS press release points to uncertainty ahead of the Budget impacting sales, particularly for non-food stores (the risks of which we flagged in our preview).
  • The biggest fall was within clothing stores which fell 3.1%M/M (although this is after some strong performance over the past few months).
  • As we often note, this is a volatile series so in spite of the disappointing print today and the downward revision to prior data, we don't think there are any notable implications for monetary policy here, or anything here to make any MPC member change their vote or question their thought process.