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 7201, -0.40% and Tata Motors TTM, -1.04% unit Jaguar Land Rover were the top vehicle makers in the U.K. last year.
The FTSE 100 UKX, -0.32% fell 0.3% to 7127.90, in a quiet day ahead of the Jackson Hole address by Fed Chair Jerome Powell.
CRH CRH, 3.66% rose 2% after the Dublin-based, U.K.-listed building materials company reported stronger-than-forecast earnings. Polymetal International POLY, -3.28% slipped 3% after the Anglo-Russian gold miner hiked its capital expenditure cost estimates.