UK: Upside surprise in Services PMI – TDS
|Analysts at TD Securities note that the UK’s Services PMI surprised to the upside for the month of December, rising nearly a point to 51.2.
Key Quotes
“Firms noted that Brexit concerns weighed on business-to-business sales in the month, and that consumer demand remained subdued. Markit estimates that the Q4 PMIs suggest growth of just 0.1% q/q in the quarter, confirming near-stagnation in the UK economy, though we note that our own models point to growth perhaps a tick higher.”
“Consumer borrowing figures were also released for November, and point to the slowest consumer credit growth since March 2015 (though still at a relatively healthy 7.1% y/y pace), while mortgage approvals fell a sharp 4.5% m/m.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.