UK: Construction PMI likely to fall to 49.8 - TDS

Analysts at TDS are looking for the UK construction PMI to fall from 50.2 to 49.8 in February, which would be its first time below the breakeven 50 mark since September.

Key Quotes

“While the manufacturing PMI held up better than we had expected into February, especially given the downturn in the Eurozone flash prints, we think that the colder weather in February probably kept construction activity more subdued than usual. What will likely get more attention today is PM May's big Brexit speech, where she is expected to lay out more detail on the UK's negotiating stance that the Cabinet recently agreed to.”

“At time of writing, we haven't yet seen what time the speech is due to take place. Lastly, Governor Carney is speaking at 10am - it had initially been part of the Scottish Economics Conference in Edinburgh, but has been relocated to Bloomberg in London due to the weather. It may not be all that market relevant though, as he'll reportedly be discussing the emergency of cryptocurrencies, the possibility of central bank digital currencies, and how the BoE supports innovation at the same time as maintaining public trust in money and payments.”