Sterling rises as United Kingdom manufacturing data hits highest in over four years

More than 50 per cent of UK manufacturers expect production to be higher in a year’s time

The seasonally adjusted Nikkei Philippines Manufacturing PMI rose to 54.8 last month from October's 53.7, buoyed by expansions in output and new orders. This is the best performing since the height of the dot-com boom over 17 years ago and Markit reported that growth of output and new orders climbed to multi-year highs and supported survey-record job creation.

Overall it added to signs that manufacturing could be a bright spot next year, when the slowdown in the overall economy is likely to deepen as Britain approaches its departure from the European Union in March 2019.

Ifo's business climate index showed last week that business morale rose unexpectedly in November to hit an all-time high.

The latest PMI report revealed an increase in inflationary pressures on the sector driven by exchange rates.

However, the weaker pound has helped many manufacturers to compete in export markets.

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"But manufacturing only makes up 10 percent of the economy, and the more domestically-focused service sector - worth around 80 percent of GDP - is probably more exposed to Brexit-related uncertainty and the inflation squeeze on household income", Hare said.

"A major driver of higher output has been solid domestic demand", said Bernard Aw, principal economist at IHS Markit, which compiles the survey.

The pace of growth in the Canadian manufacturing sector was little changed in November as an uptick in new orders and employment was offset by slower production, data showed on Friday.

November's reading was the second highest this year after September's 52.4 and marked the 16th straight month that the index has remained above the 50 mark that separates expansion from contraction, pointing to improved economic resilience in the world's second largest economy, experts said.

Rising costs were commonly associated with higher prices paid for imported raw materials, with demand for inputs exceeding supply. Investment goods new orders, in particular, were strong and increased at the fastest pace since August 1994.

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