London Markets: U.K. manufacturing orders and output price expectations reach highest levels since at least 1977
A key U.K. manufacturing survey found orders and output price expectations at the highest level since at least 1977 in November.
The latest CBI industrial trends survey found total order books rising to a net 26% from 9% in October, the highest level since at least April 1977. Expectations of price rises were the highest since May 1977, as the stock adequacy was the worst since at least April 1977.
Anna Leach, the deputy chief economist of the CBI, said intense supply-side challenges are putting pressuring on capacity to meet demand.
Shares of Intertek Group
jumped 6% as the inspection and product testing company reported four-month ending Oct. 31 like-for-like revenue growth of 5%. CEO Andre Lacroix very much echoed the CBI report, saying it’s on track for “robust like-for-like revenue growth at constant currency, year on year margin progression and a strong free cash flow performance, notwithstanding the lockdown restrictions still in place across some of our global markets and the supply chain challenges that our clients are facing.”
Intertek was the top performing FTSE 100
component, as the U.K. blue chip index edged 0.2% higher in afternoon trade.
a U.K.-listed animal genetics company, slumped 14% after saying volumes in the four months to Oct. 31 declined due to weakening Chinese demand.