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FTSE 100 Subdued as Manufacturing Output Drops Suddenly – Finspreads
LONDON–(Marketwire – January 11, 2013) – Finspreads — The FTSE 100 is subdued in trading today (January 11th) after manufacturing output drops suddenly.
Fresh data from the Office of National Statistics (ONS) shows UK factory production declined by 0.3 per cent in November compared to the previous month, indicating continued weakness in the British economy.
This is despite a recent run of positive data and came as a surprise to investors and economists in the markets today.
The ONS said production including the energy supply and mining sectors fell by 1.9 per cent in the three months to November when compared with the previous quarter, while manufacturing sank by 0.7 per cent in this timeframe.
Over 2012 as a whole, production was down by 2.4 per cent, which will not help the growing uncertainty as to whether the government can avert a triple-dip recession in 2013.
At 11:45 GMT, the FTSE 100 was steady, making marginal 5.6-point gains to an index value of 6107.1 points.
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