Greece Manufacturing Growth Slows For Second Month

Pound coins and notes

He added that "price data suggests that inflationary pressures, which stem from U.S. dollar strength, subsided slightly as input cost inflation softened from one month earlier and now settled below the historical average".

The Nikkei Malaysia Manufacturing Purchasing Managers' Index (PMI) fell to 48.6 in April from 49.5 in March, an IHS Markit survey showed.

United Kingdom manufacturing growth slowed to a 17-month low in April, raising further doubts about the prospect of a Bank of England rate hike.

The final PMI rose marginally to 53.8 from March's 12-month low of 53.7. Problematically, the rate of contraction quickened the fastest in just over a year.

The survey revealed that residential work was by far the best performing category last month, with the rate of growth reaching its strongest since May 2017.

The Pound US Dollar (GBP/USD) exchange rate crashed around 1% on Tuesday, with the pairing striking a new three-month low as the release of a robust US manufacturing PMI accentuated the pairing's losses.

In keeping with the favourable demand environment, Japanese manufacturers bolstered production line capabilities by recruiting additional staff during April.

Greater workloads also encouraged firms to increase input buying during April. Since then, supply constraints - including raw material scarcities, supplier delivery delays and skill shortages - have constrained production. As a result, pre-production inventories grew slightly in April.

However, even with the modest increase, the PMI still remains below the levels seen late past year and in early 2018. Meanwhile, business sentiment toward the year-ahead output outlook remained strong in the midst of a sustained rise in new orders.

In its latest manufacturing report, IHS Markit also said business optimism dipped to a five-month low and April also saw growth of new export business slow to a ten-month low.

"The construction sector's difficulties in recent months has clearly been influenced by economic, political and Brexit uncertainties fuelling clients' caution over committing to new projects", said Howard Archer, chief economic advisor at EY ITEM Club. But the same survey showed a sub-index on export orders shrinking for the first time since November 2016.

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