U.K's services sector activity regains momentum

U.K's services sector activity regained its upside momentum and expanded for the month of August, thus boosting optimism that Britain's economy is doing better.

U.K's services PMI Index to 52.9

The nation's Markit/CIPS services purchasing managers’ index was higher than July's 47.4 reading having risen to 52.9. The economists and the analysts predicted the PMI to appreciate to 50.0.

Any reading above the 50.0 zone is an indication of expansion while below 50 illustrates contraction.

Furthermore, the rise in the services PMI, along with the construction and manufacturing sectors, indicates that the expected recession will likely to be avoided.

The British currency strengthened against the U.S. dollar, trading at 1.3357, while the euro, against the sterling, settled at 0.8363.

Moreover, the European stock markets traded higher, with the Euro Stoxx 50 having risen 0.30%, Germany's DAX appreciating 0.30%, France's CAC 40 trading 0.36% upper, and London’s FTSE 100 being 0.21% lower.

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