Yesterday’s session brought UK Construction PMI figures. June data revealed a solid expansion of overall construction activity, underpinned by greater residential work and a faster upturn in commercial building. There were also positive signs regarding the near-term outlook for growth, as signalled by the strongest rise in new orders since May 2017 and the largest upturn in input buying for two-and-a-half years. The seasonally adjusted IHS Markit/CIPS UK Construction Purchasing Managers’ Index® (PMI®) posted 53.1 in June, up from 52.5 in May and above the 50.0 no-change value for the third month running. The latest reading pointed to the sharpest overall rise in construction output since November 2017.
In the US session, Factory Orders figures were released. New orders for U.S.-made goods unexpectedly rose in May, pointing to a strengthening manufacturing sector, but business spending on equipment continued to show signs of slowing. Factory goods orders increased 0.4 percent amid strong demand for machinery, the Commerce Department said on Tuesday. Data for April was revised up to show orders falling 0.4 percent instead of the previously reported 0.8 percent decrease.
Tomorrow, from the UK, Services PMI figures will be released. No significant change is expected. There will be no data releases in the US part of the session.
Figures to watch:
Services PMI (Wednesday 9:30)
