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Investing.com -- Britain’s manufacturing industry lost momentum in August as fresh orders weakened, weighed down by global trade frictions and recent domestic tax hikes, survey data showed Monday.
The S&P Global/CIPS Manufacturing PMI slipped to 47.0 in August from 48.0 in July, marking its first drop in five months.
The figure was also below the flash estimate of 47.3 and stayed under the 50 threshold that separates growth from contraction, extending the sector’s downturn to an 11th straight month.
The survey pointed to subdued demand, the impact of international tariffs, and rising client costs as key drags.
Additional pressure came from April’s minimum wage rise and higher employer taxes, while export orders and overall demand contracted at the sharpest pace in four months.
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