Economic Indicators 

Brexit fears give way to EM contraction

Mark Robinson

Brexit fears give way to EM contraction

Despite the downward pull of a prospective no-deal Brexit, the UK’s services sector defied gravity for a second successive month, with the IHS Markit/CIPS UK services purchasing managers’ index (PMI) showing a reading of 51 for May, up from 50.4 in April and ahead of analyst consensus. Admittedly, the figure comes after negative readings for the UK manufacturing and construction sectors, but it makes you wonder how the economy would be chugging along without the existing political impasse.

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