British manufacturing PMI ascends more than expected in July

British manufacturing PMI ascends more than expected in July

In July, manufacturing activity in Great Britain rallied more than expected, driving upbeat mood over the UK economy at the beginning of the third quarter, as industry data revealed on Tuesday.

Market research group IHS Markit told that the previous month UK manufacturing PMI tacked on to a seasonally adjusted 55.1 versus June’s reading of 54.2.

Market experts had expected the PMI to ascend 54.4.

On the index, an outcome above 50.0 hints at industry expansion, but if it’s below, it stands for contraction.

Markit stressed that solid fresh order intakes were powered by sturdy export performance, and job creation appeared to be among the best recorded for the last three years.

The headline PMI indicated a surge acceleration for the first time for three months in because fresh order intakes were driven by a near survey-record leap in new export business.

Meanwhile, EU stock markets grew. In London, FTSE 100 rallied 0.70%, France's CAC 40 soared 0.55%, Germany's DAX surged 0.41% and the Euro Stoxx 50 acquired 0.40%.

 

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