Latest data released by Markit/CIPS - 4 December 2019
- Composite PMI 49.3 vs 48.5 prelim
The preliminary report can be found here. A slight revision higher relative to initial estimates but the fact that both the services and composite readings are sitting in contraction territory doesn't make for encouraging news.
Markit notes that the revised readings should see UK Q4 GDP come in at -0.1% q/q relative to the -0.2% q/q estimate from the preliminary report.
In any case, this just reaffirms flat and struggling economic conditions in the UK in Q4, which continues to be hampered by Brexit and political uncertainty.
Cable continues to stay perky at 1.3045 after having hit a high of 1.3063 earlier in the session as buyers are still holding on to the breakout from earlier today.
