S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
UK S&P Global Services PMI returns to growth in July, arrives at 51.8
According to preliminary data, the United Kingdom (UK) S&P Global Services Purchasing Managers’ Index (PMI) arrives above 50.0 in July, a figure that separates expansion from contraction, after declining in June. The Services PMI lands at 51.8, while it was expected to come in higher at 49.4 from 48.8 in June.
The Composite PMI also returns to growth due to a strong increase in both manufacturing and services sector activity. The overall business activity arrives at 52.1 from 49.7 estimates and the previous reading of 49.3. The Manufacturing PMI expands at a surprisingly faster pace to 52.8. The data was already expected to grow but at a moderate pace to 52.0 from the prior reading of 52.5.
“UK businesses reported stronger activity in July, pointing to a faster pace of economic growth at the start of the third quarter. “Hospitality companies saw demand boosted by good weather, the FIFA World Cup and more domestic holidays, as high costs and uncertainty continued to deter some foreign travel. However, overall services growth remained lacklustre amid cost-of-living pressures. Unusually for recent years, manufacturing is now growing faster than services, buoyed by rising exports,” Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said.
Market reaction
A slight selling pressure is seen in the British Pound (GBP) after the PMI data release. At press time, GBP/USD trades 0.1% higher to near 1.3326.
