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Analysts at Nomura points out that in the UK, over the past three months the total orders balance of CBI industrial trends survey has averaged +10% versus its long-run average of -18%.

Key Quotes

“Export orders have been broadly stable at just under +10% for the past six months – which is not the story we’ve heard from the PMIs (recall the August PMI export orders index collapsed from 53.0 to 47.4). Indeed this is a story we have witnessed globally in recent months. We would not be surprised to see that being reflected in the CBI survey.”