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The UK manufacturing PMI jumped to 53.1 in November from 51.1 in October, which was some way above the 51.5 the markets had been expecting. The majority of the increase in demand came from domestic customers, who are rushing to stockpile important products and components in case of trade disruptions after Brexit.

It is worth noting that new orders from overseas shrank for the second consecutive month, which is the first time this has happened since November 2016. In addition, the latest manufacturing PMI reading is still among the weakest registered over the past two-and-a-half years. While growth is still forecasted for the year ahead, the confidence of UK manufacturers is now at its lowest since August 2016.

Today we will see the construction PMI reading for November, which is expected to dip a little to 52.5 from 53.2 the previous month. Bank of England Governor, Mark Carney, is also set to give a speech this morning.

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