U.K. manufacturing PMI rises unexpectedly in December
Investing.com
Published Jan 04, 2011 04:41AM ET
In a report, market research group Markit said that its U.K. manufacturing PMI rose to a seasonally adjusted 58.3 in December, after rising to 57.5 in November, whose figure was revised down from a reading of 58.0.
Analysts had expected the manufacturing PMI to fall to 57.5 in December.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Commenting on the report, David Noble, chief executive officer at the Chartered Institute of Purchasing & Supply, said, “The start of 2011 is likely to be 'all systems go' for UK manufacturing, with December's PMI demonstrating a huge turnaround of fortunes compared with two years ago.”
He added, “The accelerated growth of new orders in export markets and recent survey record rates of increase in manufacturing jobs bode well for a continuation of the manufacturing-led economic recovery next year.”
Following the release of the data, the pound was up against the U.S. dollar, with GBP/USD surging 0.75% to hit 1.5604.
Meanwhile, European stock markets were up. The FTSE 100 rallied 1.79%, the EURO STOXX 50 gained 0.28%, France’s CAC 40 added 0.31%, and Germany's DAX climbed 0.10%.
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Written By: Investing.com
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