UK Service Sector Grows Most Since 2013
LONDON (dpa-AFX) - The UK service sector grew at the fastest pace since October 2013, driven by sharp increases in business and consumer spending amid easing of restrictions related to the COVID-19 pandemic, final data from IHS Markit showed on Thursday.
The Chartered Institute of Procurement & Supply services business activity index advanced to 61.0 in April from 56.3 in March. The score was well above the flash estimate of 60.1.
Service providers noted that the roadmap for easing COVID-19 restrictions across the UK had been a key factor helping to boost activity. New orders increased the most since December 2013.
European Stocks Close Mixed After Cautious Session
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks ended mixed on Thursday as investors stayed largely cautious, tracking earnings announcements and digesting Bank of England s policy statement.
Although optimism about growth aided sentiment, buying interest was a bit subdued due to worries about spikes in coronavirus cases in Asian countries.
The Bank of England today kept its interest rate and quantitative easing unchanged. The nine-member Monetary Policy Committee, headed by Governor Andrew Bailey, unanimously voted to hold the interest rate at 0.10%.
The bank retained the stock of corporate bond purchases at GBP 20 billion and the government bond purchases at GBP 875 billion.
Pound Rebounds Modestly After BoE Holds Rate, QE Steady; Raises Growth Forecast
BRUSSELS (dpa-AFX) - The pound trimmed its recent losses against its key counterparts in the European session on Thursday, after the Bank of England left its interest rate and the asset purchase program unchanged and lifted its growth forecast amid indications of recovery from the virus crisis.
The nine-member Monetary Policy Committee, headed by Governor Andrew Bailey, unanimously voted to hold the interest rate at 0.10 percent.
The bank retained the stock of corporate bond purchases at GBP 20 billion and the government bond purchases at GBP 875 billion.
Andrew Haldane voted to continue with the existing programme of UK government bond purchases but to reduce the target for the stock of these purchases to GBP 825 billion from GBP 875 billion.
FTSE 100 Subdued Ahead Of BoE Decision
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - U.K. stocks were subdued on Thursday after strong gains in the previous session.
The Bank of England publishes the outcome of its latest rate-setting committee meeting and economic forecasts later in the day, and it is likely that the central bank might start to slow its pandemic emergency support.
Investors also await the outcome of Scotland s election that could trigger a showdown with British Prime Minister Boris Johnson over a new independence referendum.
In economic releases, the U.K. service sector grew at the fastest pace since October 2013, driven by sharp increases in business and consumer spending amid easing of restrictions related to the COVID-19 pandemic, final data from IHS Markit showed.
European Shares Slip Amid Earnings Deluge
BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks edged lower on Thursday as investors reacted to a slew of earnings and economic reports.
The Bank of England publishes the outcome of its latest rate-setting committee meeting and economic forecasts later in the day, and it is likely that the central bank might start to slow its pandemic emergency support.
Earlier in the day, Norway s central bank retained its policy rate and reiterated that the rate will be hiked in the latter half of this year.
The pan European Stoxx 600 dropped half a percent to 439.29 after climbing 1.8 percent on Wednesday.