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UK October industrial production data preview – Lloyds Bank

FXStreet (Delhi) – Research Team at Lloyds Bank, presents the preview of the about to release, UK’s October industrial production data.

Key Quotes

“Official data for the third quarter saw industrial output expand by 0.2% in Q3, with gains in mining output offsetting weakness in the manufacturing sector, where output shrank by 0.5%. That softness has come despite some recent recovery of momentum: August and September saw sequential monthly gains in output of 0.4% and 0.8% respectively.”

“Looking ahead, October’s manufacturing PMI posted a sharp pickup, one particularly unexpected when set against a backdrop of sterling’s recent strength and signs of fragility in external demand. But with the PMI’s bounce failing to hold in November, and not confirmed by other survey indicators, we expect manufacturing output to give up some of its recent gains, and look for a 0.3% slide in October. Further downside potential for mining output, given weak oil prices, means that production overall is also likely to fall; we expect a 0.3% dip.”

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