Analysts at Nomura suggest that the release of industrial production and trade data are going to be the key economic release for today’s UK session.
“The manufacturing PMI and CBI surveys held up reasonably well in September before falling in October; however, car production (worth just 6½% of total industrial production and about 9% of manufacturing) was weak during September according to the SMMT (Society of Motor Manufacturers and Traders) figures. We forecast a flat manufacturing reading, but the risk is that weak auto production ends up dominating the figures.”
“Trade: We expect a broadly similar deficit of around £11bn in September as August, which itself was higher than July’s reading thanks to a large shift in the erratics balance.”
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