GBPUSD: Dipping a few pips below the psychological 1.2000 is not technically significant. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

UK Manufactures’ PMI index lowest in 7 years But don’t just blame it on Brexit

Data published yesterday by IHS showed that in August British manufacturers suffered from a ‘’creeping dread’’, suffering their worst fall in output since 2012. Measured at 47.4, from 48 in July, anything below 50 means contraction. Unfortunately, this coincided with BRC retail sales data which fell to -0.5 per cent Y/Y like-for-like in August, with every category except food falling; some are suggesting Brexit stockpiling here. Over in the Eurozone August Manufacturing PMI data was also weak, only France hanging on at 51.1. All other countries’ measures were below 50, the lowest of which was Germany’s 43.5.

City AM reports that filings published yesterday show that Deutsche Bank CEO Christian Sewing will, at the end of each month, use 15 per cent of his net pay, equivalent to €21,250, to buy shares in his bank. Like chairman Paul Achleitner who spent almost €1 million in Deutsche Bank shares earlier this year, it is an attempt at reassuring investors that the turnaround plan for the bank is viable.

Financial Markets and Political Commentary
 

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