UK manufacturing output to increase

UK manufacturing production data for May is due on 7th July. 

The CBI and PMI manufacturing surveys have both indicated weakness in April and May after reasonably strong output growth in March. 

"The official data show a fall of 0.4% mom in April which we think exaggerates the softening in the underlying trend. We expect a small bounce of 0.1% mom in May", estimates Societe Generale.