Global markets: UK manufacturing up slightly in May

By Commodity News Service Canada

WINNIPEG, June 1 – The following is a glance at the news moving markets globally.

UK MANUFACTURING EDGES UP
Manufacturing in the United Kingdom was slightly higher in May, according to reports on Monday.

The Markit/CIPS UK Manufacturing purchasing managers’ index edged up slightly to 50.1 in May, compared with 49.4 in April.

April had marked the first time in three years the region saw a contraction.

Despite slight growth in May, many manufacturers are concerned about an upcoming European Union vote, which will dictate whether or not Britain stays in the EU.

Analysts say concerns about ‘Brexit’ have reduced spending and investment decisions, while others say slower global growth has reduced demand.

OECD SAYS BREXIT WOULD DEPRESS EUROPEAN GROWTH
‘Brexit,’ a vote by Britain to leave the European Union would depress growth in Europe and elsewhere, according to a report from the Organization for Economic Cooperation (OECD).

The OECD has already cut its economic forecasts for the UK, adding that the referendum has already undermined growth.

NIGERIA TRADE BALANCE DOWN WITH WEAKER EXPORTS
Weaker exports brought Nigeria’s trade balance down in the first-quarter, according to reports out of the country on Wednesday.

This is the first quarterly trade deficit Nigeria has seen in seven years.

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