Investing.com - Manufacturing activity in the U.K. expanded at a slower rate than expected in November, dampening optimism over the country’s economic outlook, industry data showed on Tuesday.
In a report, market research group Markit said that its U.K. manufacturing PMI fell to a seasonally adjusted 52.7 last month from a revised reading of 55.2 in October. Analysts had expected the index to decline to 53.6 in November.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
By sector, the strongest expansion in output was seen at consumer goods producers. Solid growth was also registered in the investment goods sector.
Commenting on the report, Rob Dobson, senior economist at survey compiler Markit, said, “Robust service sector growth will nevertheless be needed to achieve the 0.6% fourth quarter GDP expansion still required to meet the 2015 growth target outlined in the Chancellor’s Autumn Statement."
GBP/USD was trading at 1.5084 from around 1.5103 ahead of the release of the data, while EUR/GBP was at 0.7028 from 0.7022 earlier.
Meanwhile, European stock markets were mixed. London’s FTSE 100 tacked on 0.45%, the EURO STOXX 50 dipped 0.1%, France's CAC 40 shed 0.35%, while Germany's DAX declined 0.2%.