Investing.com - Manufacturing production in the U.K. fell more than expected in June, underlining concern about 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 0.3% in June, worse than expectations for a decline of 0.2% and following a drop of 0.6% a month earlier that was revised down from an initial 0.5% decrease.
On an annualized basis, manufacturing production rose at rate of 0.9% in June, worse than forecasts for a 1.3% increase and after advancing at a rate of 1.5% in May that was revised down from an initial gain of 1.7%.
The report also showed that industrial production inched up by a seasonally adjusted 0.1% in June, in line with forecasts and following a decline of 0.6% in the preceding month that was revised from the previous estimate of a 0.5% decrease.
Year-on-year, industrial production increased 1.6% in June, matching and following the 1.4% advance registered in May.
Immediately after the report, GBP/USD was at 1.2979 from around 1.2992 ahead of the announcement, while EUR/GBP was at 0.8537 from 0.8525 earlier.
European stocks were trading higher. London’s FTSE 100 gained 0.25%, the Euro Stoxx 50 rose 0.45%, France's CAC 40 traded up 0.45%, while Germany's DAX advanced 0.36%.