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Weekly Economic Briefing
Manufacturing a recovery
04 March 2014
Manufacturing activity received a boost from a mini inventory cycle in 2013. Domestic demand will have to take over the steering wheel in 2014 but there is plenty of pent-up demand for investment.
Tentative signs of a rebound in investment are starting to feed through to the manufacturing sector. This bodes well for the recovery in the broader UK economy too.
There is still scope for inventories to support Eurozone manufacturing. The investment outlook is less certain but a rise in demand would provide a positive signal about the sustainability of the recovery.
Improved profitability among Japanese firms has heightened expectations of a revival in exporters’ capital investment. But, domestic considerations are likely to be superseded by global trends.
A weaker renminbi has prompted speculation that Beijing may be pursuing a lower currency policy to help ease pressures on industry. However, depreciation would offer only temporary relief while hampering rebalancing efforts.
Standard Life Investments’ Global Strategy team provide regular analysis of the key economic data that has been influencing financial markets.
Available on a weekly basis, the Weekly Economic Briefing takes a detailed look at the global economic issues that have been impacting our investment strategy. The regional approach aims to provide an easy-to-navigate guide to the most recent developments in the global economy.
The views and conclusions expressed in this communication are for general interest only and should not be taken as investment advice or as an invitation to purchase or sell any specific security.
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