Stock indices closed higher despite falling oil prices. The stabilisation of the Chinese stock markets supported the European markets. The People's Bank of China (PBoC) intervened in the offshore yuan market on Tuesday. The offshore yuan strengthened after the intervention. The price gap against the dollar with the onshore yuan was eliminated.
The Office for National Statistics (ONS) released its manufacturing industrial production figures for the U.K. on Tuesday. Manufacturing production in the U.K. fell 0.4% in November, missing expectations for a 0.1% gain, after a 0.4% decrease in October.
Manufacturing output was mainly driven by a drop in basic pharmaceutical products and pharmaceutical preparations, which plunged by 4.9% in November.
On a yearly basis, manufacturing production in the U.K. decreased 1.2% in November, missing forecast of a 0.8% fall, after a 0.2% drop in October. October's figure was revised down from a 0.1% decrease.
Industrial production in the U.K. slid 0.7% in November, missing forecasts of a flat reading, after a 0.1% rise in October.
The decline was driven by a demand for energy. Electricity and gas output plunged 2.1% in November.
On a yearly basis, industrial production in the U.K. gained 0.9% in November, missing expectations for a 1.7% rise, after a 1.7% increase in October.
The National Institute of Economic and Social Research (NIESR) released its estimate of gross domestic product (GDP) for the U.K. on Tuesday. The GDP estimate rose by 0.6% in three months to December, after a 0.6% growth in three months to November.
According to the NIESR, the U.K. economy grew 2.2% in 2015, after a 2.9% rise in 2014.
Indexes on the close:
Name Price Change Change %
FTSE 100 5,929.24 57.41 0.98 %
DAX 9,985.43 160.36 1.63 %
CAC 40 4,378.75 66.01 1.53 %