Tuesday's session was marked by UK Construction PMI figures. The seasonally adjusted Markit/CIPS UK Construction Purchasing Managers’ Index dropped from 52.5 in February to 52.2 in March, to signal the joint-slowest upturn in overall construction output since the current period of expansion began in September 2016. Softer growth primarily reflected a loss of momentum in housing activity, which offset a rebound in both commercial and civil engineering activity. The latest increase in work on civil engineering projects was the fastest so far in 2017 and the strongest of the three subcategories monitored by the survey in March.
Tuesday's session brought UK Services PMI data.The headline seasonally adjusted Markit/CIPS Services PMI Business Activity Index picked up from 53.3 in February to 55.0 in March, and therefore above the 50.0 no-change value for the eighth consecutive month. Moreover, the latest reading signalled a marked increase in business activity and the fastest pace of expansion since December 2016. This signalled a marked rebound from the five-month low seen in February. Stronger activity growth was linked to supportive UK economic conditions and greater client demand. Some companies continued to cite Brexit-related uncertainty as a factor holding back investment decisions.
This week markets will be looking at:
CPI/PPI (Tuesday 10:30)
Claimant Count Change/Unemployment Rate (Wednesday 10:30)
PPI (Thursday 14:30)
Unemployment Claims (Thursday 14:30)
