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Barclays global manufacturing confidence deteriorated to -0.75 in February from -0.59 in January. New orders slipped further to -0.62 in February from -0.50 in January, while inventories index fell to -0.56 from -0.44.
US ISM Feb manufacturing index edged higher to 49.5 (+1.3 points), beating consensus estimates. However, the uptick in US manufacturing confidence was more than offset by weak PMI prints from other nations. China's PMI reports continued to disappoint and business sentiment in the euro area waned further. After getting off to a solid start this year, UK's manufacturing PMI surprised to the downside in Feb.
"On the whole, today's report confirms a trend of gradual moderation. Also, with the referendum coming up in June, we expect sentiment to remain cautious in the coming months." said Barclays in a report.
