Commenting on the November flash manufacturing PMI data released this morning, Melanie Baker, senior economist at Royal London Asset Management, said:
“As uncertainty drags on and shows signs of damaging growth further, the likelihood of a Bank of England rate cut in Q1 2020 has risen.
“The UK composite PMI data hit a 40-month low. The flash PMIs were on the grim side with the unwind of Brexit preparations and Brexit/general election uncertainty all playing a role.
“In the euro area, there were some signs of improvement, but services appear to be struggling more and employment indicators weakened further.
“Flash PMIs in Japan and the Euro Area provided limited reassurance.”
About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector.
RLAM manages £130 billion of assets and employs 98 investment professionals as at end March 2019. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash.
For professional clients only, not suitable for retail investors.
Issued July 2019 by Royal London Asset Management Limited, registered in England and Wales number 2244297; authorised and regulated by the Financial Conduct Authority. Registered Office: 55 Gracechurch Street, London, EC3V 0RL.
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