The survey seems to be a little bit worse than people had anticipated. It does show that the manufacturing sector is struggling under the weight of the strong pound. It shows a squeeze on profit margins. It will raise a little bit of doubt about whether the Bank of England will have the courage to raise interest rates next week.
Inflation in the core of Europe is moderate.
How does this square with the government's alcohol policy, which is supposedly trying to encourage more food in pubs?
It's tricky for the European Central Bank. In places like Spain and Ireland, interest rates are clearly too low, but the ECB has to set rates for the region as a whole.
This is definitely a change in the Bank of Japan's stance so it will have a psychological impact and keep the yen soft.
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