Manufacturing data to and from the pond dominated headlines yesterday as we gained an insight into the UK’s and US’s secondary sector health. Firstly, UK Manufacturing Growth increased last month, exceeding economists’ consensus and registering a reading of 52.9, a three month high. The domestic market remains the key growth driver despite the strength of the Pound against the Euro which is impacting order inflows.
In the US, ISM Manufacturing PMI was released, with last month’s posting below 50 at 48.2, anything below 50 indicates contraction in the sector. ISM Manufacturing PMI disappointed for its sixth consecutive month posting a worse than expected reading at 48.2, a level last seen nearly six years ago.
ECB President Mario Draghi addressed the European Parliament yesterday in Strasbourg regarding the 2015 ECB annual report. Draghi stated that uncertainty still blights the European project and also said that it is time to prove the region can act with a common spirit.
Today is fairly quiet in terms of economic data as Unemployment numbers are set for release from Germany and Spain. The UK Construction PMI is also due to hit the wires.