Proactive Investors -
- FTSE 100 makes strong start to the week
- Oil price gains after Saudi production cut
- Dowlais climbs as Jefferies sings praises
UK services sector remains robust in May
the UK's service sector remained robust in May with with growth holding close to April's 12-month peak.
The seasonally adjusted S&P Global/CIPS UK Services PMI posted 55.2 in May, down slightly from 55.9 in April but above the neutral 50.0 value for the fourth consecutive month.
Survey respondents cited resilient customer demand and cautious optimism about the near-term growth outlook, despite pressure on budgets from elevated inflation.
Higher levels of service sector output were often linked to rising spending on consumer services, especially tourism and leisure. There were also many reports of greater demand for technology services.
Tim Moore, Economics Director at S&P Global Market Intelligence said: "Service sector businesses have experienced strong growth so far in the second quarter of 2023, fuelled by resilient demand for consumer and technology services, combined with a post-pandemic tailwind as households switched from spending on goods to services."
Abrdn gains after launching £150mln buyback
Abrdn PLC (LON:ABDN) rose 2.5% in early exchanges after the fund manager launched a £150mln share buyback programme.
Last week the firm signalled its intention to make such a move after after selling shares in Indian insurance firm HDFC Life Insurance Co Ltd.
The £150mln buyback will take place during 5 June and 5 September.