UK PMI beats on both the services by 1.8....>

UK DATA: UK PMI beats on both the services by 1.8 points and manufacturing by

1.0 point. Much better than expected details too with the lack of political

uncertainty cited in the report.

- "Business activity expanded for the first time in five months, driven by the

sharpest increase in new work since September 2018."

- "There were widespread reports that reduced political uncertainty following

the general election had a positive impact on business and consumer spending

decisions at the start of the year."

- "business optimism reaching its highest level since June 2015."

- "Greater salary payments were reported as the main source of pressure on

operating expenses, although manufacturers also noted rising commodity prices

and higher costs for imported materials."

- Manufacturing: "Lower output was linked to a lack of pressure on operating

capacity and, in some cases, the ability to fulfil orders from inventories

accumulated to deal with Brexit uncertainty"