From the UK, yesterday, CBI Industrial Orders Expectations figures were released. According to the latest CBI survey 20% of firms reported total order books to be above normal, and 34% said they were below normal, giving a balance of -14%, in line with market forecasts. This was just above average (-15%), and similar to January (-15%) and February (-17%). Rain Newton-Smith, CBI Director of Economics, said: “March has been a mixed month for the UK’s manufacturers. Whilst total order and export books remained steady, a drop in output reflected some volatility in the food and drink sector. Reassuringly, manufacturers expect a swift turnaround in activity.”