Disappointing US and China reverses gains in November Global manufacturing confidence

Disappointing PMI prints from US and China have driven this decline in the global business confidence, also the weak report from UK. PMIs of Euro Area were strong, indicating the resilience of region to the global growth woes.

Barclays November global manufacturing confidence final reading dropped to -0.61, reversing the previous month's improvement. In the sub components, November new orders dropped to -0.62, driven by fall in US and China orders.

"On the whole, the ISM report suggests that the stability in manufacturing activity indicators in recent months was transient and the US manufacturing sector is likely to remain under pressure in coming months", says Barclays in a research note.