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United Kingdom’s October Manufacturing PMI fell to its lowest level since mid-2016, to 51.1, notes the research team at TD Securities.

Key Quotes

“New orders and employment both declined for the first time since July 2016, with businesses citing global trade tensions and Brexit as chief concerns. Both foreign and domestic demand were noted as weaker.”

“Overall, this is a fairly negative report, but broadly consistent with our view that the UK economy will slow relatively sharply in 2018Q4 as Brexit uncertainty bites, before gradually recovering into 2019 as a deal is signed off and no-deal Brexit fears ebb.”