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UK

UK Comment — UK industrial production better than expected in November

  1. Industrial and manufacturing output up by 2.1% and 1.3% respectively in November (consensus: 1.0% and 0.5%)
  2. Sentiment suggests a further strenghtening toward year-end
  3. Construction and industry sectors still set to pull GDP down in Q4, but by less than in Q3

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — Services sentiment also stronger than expected in December - composite PMI suggests GDP growth held up well in Q4

  1. Services PMI increased to 56.2 in December, from 55.2 in November (consensus 54.7)
  2. Forward-looking sentiment for services more subdued
  3. Composite PMI suggests GDP growth should hold up well in Q4

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — Construction PMI higher than expected in December, mortgage approvals flat

  1. Markit Construction PMI up to 54.2 in December, from 52.8 in November (consensus 52.5)
  2. Mortgage approvals flat - lower than consensus but on the high side of Bank of England expectations
  3. Construction PMI suggests strong Q4, but outlook more uncertain

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Comment — Manufacturing PMI hits 30-month high in December, indicating notable sector improvement in Q4

  1. Manufacturing PMI rockets to 56.1 in December, up from 53.4 in November (consensus: 53.3)
  2. Sentiment pulled up by domestic and export demand as weak sterling boosts competitiveness
  3. Price pressures remain elevated

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

UK Next Week's Agenda and Wrap Up — December 16, 2016

- Headlines for the UK economy and global highlights
- Wrap up, December 12-16
- Next week's agenda, December 19-23
- Financial overview, government bond yields and financial forecasts
- News and statements during the week

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no