UK S&P Global Construction PMI (Apr) 39.7 vs. Exp. 46.2 (Prev. 45.6)
The UK S&P Global Construction PMI came in significantly below expectations, signaling a slowdown in the sector.
Saudi Arabia's PIF is offering three-, seven- & 30yr USD benchmarks bonds, Bloomberg reports citing sources; IPTs are USTs +130-170bps
Explosions were heard on the outskirts of Erbil, Iraqi Kurdistan, Al Mayadeen reports
UK S&P Global Construction PMI (Apr) 39.7 vs. Exp. 46.2 (Prev. 45.6)
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- "A rapid acceleration of input cost inflation was seen across the UK construction sector in April. Aside from the post-pandemic surge in input prices from early-2021 to mid-2022, the latest rise in purchasing costs was the steepest in three decades of data collection."
- "Around two-thirds of the survey panel reported higher cost burdens in April, which was overwhelmingly linked to fuel surcharges and subsequent rises in raw material prices..."
- "Expectations for construction activity over the next 12 months remained positive overall during April, but confidence levels were the lowest since last November."
This notable miss indicates not only weakened construction activity but also heightened input cost inflation, which could pressure margins. As inflation remains a concern, the data may influence central bank policy discussions and market sentiment toward UK assets.
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