UK PMI disappoints but the overriding.......>

UK DATA: UK PMI disappoints but the overriding theme in the report is Brexit

uncertainty, but stock unwinding has also helped push manufacturing lower.

Service PMI dropped to the lowest level since July 2016 (immediately after the

referendum when many responses would have been received before the vote outcome

was known). Highlights from the press release below:

- "Lower private sector output has now been recorded in two of the past three

months, with the latest survey signalling the sharpest rate of decline since

July 2016. The overall reduction in business activity reflected modest falls in

both manufacturing and service sector output."

- Manuf: "An additional drag on the headline PMI was the sharpest fall in stocks

of purchases since June 2018, which goods producers attributed to a reversal of

stock building ahead of the 31st October Brexit deadline."