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UK Construction Battered in June by Brexit Fears – Markit

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Britain’s construction industry suffered its worst contraction in seven years in June as concern grew about a referendum on European Union membership, according to a survey that was mostly conducted before Britain voted on June 23 to quit the EU.

Financial data company Markit said on Monday its construction Purchasing Managers’ Index plunged to 46.0 in June from 51.2 in May, its lowest level since June 2009, in what could be a sign of worse to come.

It was the first time since April 2013 the index had fallen below the 50 level that separates contraction from expansion, and sterling GBP= briefly turned negative on the day after the result.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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