Confidence in the global economic recovery was given a boost on the back of promising manufacturing data from around the world. Data released for October showed that US manufacturing had expanded more than expected and the same was true for China too. Purchasing Manager Indices for both countries indicated expansion in the sectors. In the UK, the rate of manufacturing growth also rose for the fist time since March. The knock on effect was reflected in oil prices which hit 6 month highs with London Brent hitting $85.04 a barrel. There was also a positive impact on stock markets too. A cautionary note was added in the UK though with the Chartered Institute of Purchasing and Supply noting that a contributory factor was concern about future price prices. The Bank of England's Monetary Committee (MPC) meets this week and these latest figures will no doubt influence discussions on the merits of further quantitative easing measures and interest rate rises. read more ...