United Kingdom manufacturing PMI beats with 55.1 - GBP ticks up

China's Factory Activity Slows in July

Sterling hit its highest level in 10 months against the US dollar and British government bond prices fell after Tuesday's Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) rose to 55.1 from a downwardly revised 54.2 in June.

Although the PMI survey showed growth in manufacturing output cooled to a four-month low, new orders surged nearly to the all-time high hit in April 2010, particularly from overseas, and employment also rose strongly. Both input costs and output prices continued to rise to hit four-month highs, it said. "Weakness in the domestic market was key reason for reduced overall new sales, foreign sales were broadly unchanged in July", it said.

China's economy remained stable and on a positive track despite a seasonal fluctuation in the country's manufacturing activity in July, official data showed Monday.

While July's reading signalled only the second improvement in Greek manufacturing sector conditions since August previous year, the rate of growth was marginal, Markit said.

Zhao said a contraction of activity in road transport, real estate and residential services overshadowed faster expansion in postal services, broadcasting and Internet sectors.

However, strong survey data in recent months have contrasted with official figures, which showed the manufacturing sector contracted by 0.5pc in the three months to June.

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With several survey measures at, or close to, record highs, confidence has been driven by rising levels of employment and modest rises in consumer prices.

Companies hired more staff for the third successive month in July, leading the sector towards its second successive rise in output.

The level of new orders received by Dutch manufacturers increased for the 17th month in a row.

The reading for the manufacturing industry had previously fallen from its April high to reach 54.2 in June.

The Caixin China Manufacturing PMI is based on data compiled from monthly replies to questionnaires sent to purchasing executives at more than 400 manufacturing companies.

The sharp increase in the indicator was caused by "strong inflows of new work" and yet another strong export reading, IHS Markit reported.

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