Events that marked the week:
Tuesday was marked by UK Manufacturing PMI figures. UK Manufacturing PMI fell below the critical no-change mark of 50.0 for the first time since March 2013. At 49.2, from a downwardly revised reading of 50.7 in March, the headline index was dragged lower by lacklustre trends in production and new orders and declines in both employment and stocks of purchases. Analysts were predicting incline to 51.3.
Wednesday brought UK Construction PMI figures.
At 52.0 in April, the seasonally adjusted Markit/CIPS UK Construction Purchasing Managers' Index registered above the critical 50.0 no-change threshold, which marked three years of sustained output growth across the construction sector. However, the latest reading was down from 54.2 in March and pointed to the slowest expansion of business activity since mid-2013. Analysts were predicting no change.
From the UK Services PMI data was released on Thursday. UK service sector growth weakened in April, according to the latest PMI survey data from Markit and CIPS. The rate of expansion slowed for the third time in the past five months, to the weakest since February 2013. Although new business growth picked up slightly, it remained relatively subdued and business optimism was the joint-weakest in over three years. Firms commented on prevailing economic uncertainty, partly linked to the forthcoming referendum on EU membership.
This week markets will be looking at:
Industrial Production (Wednesday 10:30)
Official Bank Rate/Monetary Policy Summary/BOE Inflation Report (Thursday 13:00)
