UK: Softer details of Manufacturing PMI – TD Securities

According to analysts at TD Securities, the UK manufacturing PMI looked stronger on the surface, rising from 47.4 to 48.3 in September (mkt 47.0).

Key Quotes

“The details were softer as the gain was driven almost entirely buy inventory restocking ahead of Brexit. The report mentions more European clients routing supply chains away from the UK, a deeper decline in new orders, and job losses widespread across the manufacturing sector.”