UK: Drop in June manufacturing PMI - TDS

Analysts at TD Securities note that the UK’s manufacturing PMI disappointed further in June, falling from 49.4 to 48.0 (mkt 49.5).

Key Quotes

“The details were just as soft: production contracted at its fastest pace since October 2012, new orders had their greatest fall in almost 7 years, business optimism fell to its third-lowest level in the series history, and employment fell for the third month in a row.”

“The report says that, "All the signs from the manufacturing sector point to another decline next month unless someone pulls a rabbit out of the Brexit hat."