Investing.com - Manufacturing production in the U.K. fell more than expected in October, dampening optimism over the country’s economic outlook, official data showed on Tuesday.
In a report, the U.K. Office for National Statistics said that manufacturing production decreased by a seasonally adjusted 0.4% in October, disappointing expectations for a decline of 0.1% and following a gain of 0.9% a month earlier.
On an annualized basis, manufacturing production fell at rate of 0.1%, worse than estimates for a gain of 0.1%, after declining at a rate of 0.4% in September.
The report also showed that industrial production inched up by a seasonally adjusted 0.1%, in line with forecasts and following a decline of 0.2% in the preceding month.
GBP/USD rose to 1.5030 from around 1.5008 ahead of the announcement, while EUR/GBP was at 0.7228 from 0.7235 earlier.
Meanwhile, European stock markets were broadly lower. London’s FTSE 100 shed 0.55%, the EURO STOXX 50 declined 0.55%, France's CAC 40 dipped 0.65%, while Germany's DAX slumped 0.45%.