09:30 AM BST, United Kingdom - PMI Data:
- S&P Global/CIPS UK Composite PMI: actual 52.8; forecast 54.0; previous 54.1;
- S&P Global/CIPS UK Manufacturing PMI: actual 51.3; forecast 49.5; previous 49.1;
- S&P Global/CIPS UK Services PMI: actual 52.9; forecast 54.7; previous 55.0;
These are the latest readings today that confirm normalization in the economy. From the perspective of central bank policies, this is good news. The overheated services sector is normalizing, which may help cool inflation, while on the other hand, PMI data from the manufacturing sector indicate a rebound. UK data follows a similar pattern from Australia, Japan and EMU releases.
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