UK manufacturing IP will unwind some of its gains in May - TDS

Research Team at TDS, suggests that it’s hard what to make of pre-June 23 UK data these days, and markets are likely to be equally complacent to any big surprises.

Key Quotes

“We think that after surging nearly 2.5% in April, manufacturing IP will unwind some of its gains in May, falling by 1.3% (with headline IP down a slightly softer 1%). Pharmaceuticals and utilities in particular are likely to unwind some of their surprising surges in April. This would still leave 16Q2 on a relatively healthy footing, but does that just mean the economy has further to fall?

Today also marks the second and final round of secret ballots in the Conservative party leadership race. Liam Fox was knocked off the ballot on Tuesday and Stephen Crabb pulled out voluntarily, so now MPs will vote to determine which 2 of the 3 remaining contenders will be put to Conservative party members to select the next leader and PM. The party voting will be done by postal ballot, with the result to be announced on 9 September.”