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Manufacturing output stabilised in the three months to August, following a drop in July, the latest monthly Confederation of British Industry (CBI) Industrial Trends Survey shows
The survey of 286 manufacturing firms revealed that firms reported both total order books and export order books as below normal – but to a lesser extent than in July.
Output volumes expanded in seven of 17 sub-sectors in the quarter to August.
Manufacturers expect to keep output prices in the next three months broadly unchanged – the lowest balance since February 2016.
Present stocks of finished goods were reported as above adequate, but were roughly in line with the long-run average.
Anna Leach, CBI deputy chief economist, said: “Despite signs of stabilisation in the data this month, UK manufactures remain on the receiving end of a double whammy: the slowdown in the global economy and Brexit uncertainty. Trade tensions between nations such as China and the US only exacerbate the demand uncertainty facing UK manufacturers.
“As we get closer to October, it’s crucial that the new prime minister secures a Brexit deal ahead of that deadline and gets on with pressing domestic priorities, from improving our infrastructure to fixing the apprenticeship levy.”
Morning update
On the markets this morning, the FTSE 100 rose 0.4% in early trading 7,149.7pts.
Early risers include Fevertree Drinks (FEVR), up 2% to 2.251p, Naked Wines (WINE), also up 2% to 273.8p, DS Smith (SMD), up 1.1% to 325.7p, Finsbury Food Group (FIF), up 0.8% to 66p and British American Tobacco (BATS), up 0.7% to 3,001p.
Fallers so far today include Devro (DVO), down 2.6% to 185p, Cranswick (CWK), off 2.1% at 2,540p, PayPoint (PAY), fell 1.9% to 892p, Sainsbury’s, slipped 1.2% to 191.55p and Wynnstay Group (WYN) edged 0.8% lower to 295p.
Yesterday in the City
The FTSE 100 took a tumble yesterday closing down 0.9% at 7,125p as traders vexed about the state of the global economy and political chaos ensued in Italy.
FTSE 100 fallers included Glambia (GLB), down 3.1% to €10.5, Greggs (GRG), stumbled 2.1% to close at 1,980p, British American Tobacco (BATS), lost 1.9% at 2,980 and SSP Group (SSPG), dropped 1.8% to close at 696p.
Stocks on the up included Wynnstay Group, with a 4.4% jump to close at 297.5p, Marston’s (MARS) ticked up almost 3% to 118.4p, Sainsbury’s, edged up a further 3%, enjoying a bit of positive press with Kantar’s latest market snapshot and Applegreen (APGN) moved 1.9% higher to end the day at 474p.
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