Latest data released by Markit - 1 November 2019
- Prior 48.3
The manufacturing contraction slows a little more amid a recovery in the headline reading but once again, this owes much to Brexit stockpiling. New business sentiment remains weak due to Brexit and domestic political uncertainty.
Markit notes that:
"The underlying picture looks even darker than even these disappointing headline numbers suggest. It looks as if the specter of uncertainty will cast its shadow over manufacturing for the remainder of 2019."
Looking at the details, stocks of finished goods rose again in October at its fastest pace since April as inventories build up amid the previously anticipated Brexit deadline. As such, I wouldn't classify this as good news at all really.
Cable holds steady at 1.2953 currently, little changed from when the data was released.
