UK manufacturing PMI down

The UK February manufacturing PMI reported a very strong increase of 2.1 points in the output index to 56.3 with total orders up 0.7 to 54.9 but export orders softening by 2 points to 49.2. 

The CBI Industrial Trends survey for early March showed output continuing to be firm but total orders, most especially export orders, weakening (which is rather odd, given the improvement seen in the euro area manufacturing flash PMIs for March). This suggests orders in the manufacturing PMI should fall in March. 

"we expect the very high output reading to suffer from the fall in orders so the overall PMI should drop from 54.1 to 53.0" says Societe Generale