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UK DATA: PMIs soft - but better than Eurozone developments

UK DATA

A miss of 0.6-0.7 points vs consensus for the UK PMIs across manuf, services and composite - but nowhere near the misses seen across the Eurozone, so could in some ways be seen as a marginal positive in the context of this morning's data. Developments in prices and employment are supportive of further cuts in our view, but confidence held up well and there are increasing concerns surrounding shipping costs, fiscal policy and global (particularly EU) demand. This should support a November cut, but shouldn't move the dial too much for December at this stage.

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A miss of 0.6-0.7 points vs consensus for the UK PMIs across manuf, services and composite - but nowhere near the misses seen across the Eurozone, so could in some ways be seen as a marginal positive in the context of this morning's data. Developments in prices and employment are supportive of further cuts in our view, but confidence held up well and there are increasing concerns surrounding shipping costs, fiscal policy and global (particularly EU) demand. This should support a November cut, but shouldn't move the dial too much for December at this stage.

Highlights from press release:

Keep reading...Show less