real-time news and commentary for investors
Wednesday, Sep 4
U.K. services sector completes "glowing picture" of economy
- The U.K. services sector expanded at the fastest rate for over 6 1/2 years in August, with the Business Activity Index rising to 60.5 from 60.2 in July.
- New business growth was the strongest in more than 16 years, while the rise in backlogs was the largest since February 2000.
- The sector's recovery "has legs," says Markit.
- The reading, along with strong manufacturing and construction PMIs, "completes a glowing picture for the U.K. economy," says the Chartered Institute of Purchasing & Supply. (PR)
- The pound is +0.3% at $1.5606, but the FTSE 100 is -0.5%.
- ETFs - Stocks: FKU, EWU, EWUS, DXPS. Currency: GBB, FXB.