UK: Industrial production and trade data in focus - Nomura

UK industrial production and goods trade deficit data are going to be the key economic releases for today’s US session, suggests analysis team at Nomura.

Key Quotes

“Manufacturing output has fallen for the past three months. With the PMI having turned upwards in April this could mean some rebound in output in April. Moreover, April temperatures were more normal than the warmer-thanusual weather in February and March, which argues against the sort of falls in electricity & gas production that occurred during those months being seen in April.”

“UK trade: The goods trade deficit rose notably in March as import volumes (in particular machinery, cars and chemicals) surged during the month. We expect some improvement in the deficit in April, though we would caution that these data are highly volatile and forecasting any one month’s number can be difficult.”