U.K. vehicle output suffered through the worst July since 1956, hit not just by the semiconductor shortage affecting manufacturers globally but also the so-called pingdemic.
According to the Society of Motor Manufacturers and Traders, car output dropped by 38% in July. The pingdemic refers to staff getting “pinged” by the U.K. contact tracing app, forcing them to stay home even if they have not contracted coronavirus. Nissan
and Tata Motors
unit Jaguar Land Rover were the top vehicle makers in the U.K. last year.
The FTSE 100
fell 0.3% to 7127.90, in a quiet day ahead of the Jackson Hole address by Fed Chair Jerome Powell.
rose 2% after the Dublin-based, U.K.-listed building materials company reported stronger-than-forecast earnings. Polymetal International
slipped 3% after the Anglo-Russian gold miner hiked its capital expenditure cost estimates.