FX.co ★ UK CBI factory order growth slows to 11-month low

Growth in British factory orders slowed to its weakest pace in almost a year this month, a monthly survey from the Confederation of British Industry showed, although the growth was still above the long-term average.

The factory order book balance unexpectedly fell to -2 in October, its lowest level since November 2016, from +7 in September. Analysts had forecast an increase to +9.

Output expectations fell to +19 from +28, the lowest level since April, while export orders grew at the weakest pace since July.

"Growth in output and orders are still above historical norms, and it’s encouraging that plans for spending on innovation and training are holding their own. We have seen a general softening in manufacturing activity over the past three months, with the outlook for investment becoming more subdued,” Rain Newton-Smith, CBI chief economist, said.