UK: Downside risks to manufacturing output – TDS

Analysts at TDS see downside risks to UK’s manufacturing output in March, as they are looking for a fall of 0.3% m/m against consensus of a 0.3% m/m gain.

Key Quotes

“Manufacturing has surged in recent months on the back of a weaker currency and optimism over both domestic and global growth prospects, but some of this looks set to unwind this quarter, reflecting in part the gradual decline in the manufacturing PMI.”

“Construction output is released as well, and we expect a 0.7% m/m gain in February vs consensus of 0.1%.”

“Finally, the trade balance is out, with consensus look for the visible trade balance to remain essentially unchanged in the month. Governor Carney gives a speech at 10am BST.”