PMI up on services

The UK's preliminary S&P Global Composite Purchasing Managers’ Index comes in higher at 52.1 compared to expectations of 51.4 and the November's reading of 51.2. Services and the Manufacturing PMI rose to 52.1 and 51.2, respectively.

"December’s flash PMI surveys brought welcome news on faster economic growth at the end of the year, with businesses buoyed in part by the post-Budget lifting of uncertainty. The PMI is consistent with GDP growth accelerating to 0.2% in December, albeit with a more modest 0.1% gain signalled for the fourth quarter as a whole," Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said.