Forexpros – Manufacturing production in the U.K. fell unexpectedly in June, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that manufacturing production fell by 0.4% in June, confounding expectations for a 0.2% gain.
Manufacturing production rose by 1.8% in May.
Year-on-year, manufacturing production rose at an annualized rate of 2.1%, below expectations for a 2.8% gain.
The report showed that industrial production was flat in June, below expectations for a 0.4% increase.
The previous month’s figure was revised down to 0.8% from 0.9%.
Industrial production declined at an annualized rate of 0.3% in June, compared with expectations for a 0.9% decline.
Following the release of the data, the pound pared gains against the U.S. dollar, with GBP/USD up 0.11% to trade at 1.6339.
Meanwhile, European stock markets were sharply lower. The FTSE 100 plunged 4%, the EURO STOXX 50 tumbled 3.7%, France’s CAC 40 dropped 3.2%, while Germany’s DAX plummeted 5.1%.
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