DAVY VIEW

This morning’s Manufacturing PMI for October at 51.4 should provide more reassurance that the defensive nature of the sector is once again providing some protection for the economy. In contrast, the euro area (46.6) and UK (45.8) PMI readings point to a deep contraction. That said, Ireland’s positive reading above 50 reflected firms raising output as they worked through outstanding work, but with new orders down for a fifth consecutive month.