UK’s PMI construction index unexpectedly fell to 52.1 in August
by Greg Secker on Sep.03, 2010, under Finance
UK Stock Market Report 3rd September 2010
FTSE 100 gained 0.1% or 4.6 points to 5,371.0. FTSE 250 added 0.8% or 80.1 points to 10,141.0
Yesterday, the UK markets closed marginally higher with the FTSE 100 extending its gains, after the US reported better-than-expected pending home sales data. Banks, Lloyds Banking Group, Standard Chartered and Royal Bank of Scotland, gained between 0.8% and 0.9%, due to risk appetite increasing among the investors. Insurers, Old Mutual, RSA Insurance and Prudential, added between 0.7% and 1.8%, in line with a rise in the banking sector. Water companies, Severn Trent, United Utilities, and Pennon Group, rose between 0.9% and 1.0%, as Nomura Securities speculated a spurt in m&a activity in the sector in the coming 12 months. However, gains were restricted by losses in miners, despite a rise in metal prices. Investors also exercised caution, ahead of US non-farm payrolls data, which is scheduled to be released today.
Due for release today is the GBP Services PMI, USD Non-Farm Employment Change, USD Unemployment Rate and ISM Non-Manufacturing PMI.
