Investing.com - Service sector activity in the U.K. expanded at the fastest rate since September last month, industry data showed on Tuesday.
Confidence also continued to improve, with optimism regarding future activity at a nine-month high.
In a report, market research group Markit said the seasonally adjusted Markit/CIPS Services Purchasing Managers Index rose to 51.8 in February from a reading of 51.5 in January.
Analysts had expected the index to ease down to 51.0 last month.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at survey compilers Markit said, “Faster growth of the dominant services sector offset downturns in manufacturing and construction during February, meaning the economy is likely to have grown for a second successive month after the downturn late last year.”
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD adding 0.46% to trade at 1.5182.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.8%, the EURO STOXX 50 climbed 1.5%, France's CAC 40 added 1.4%, while Germany's DAX rallied 1.5%.
Confidence also continued to improve, with optimism regarding future activity at a nine-month high.
In a report, market research group Markit said the seasonally adjusted Markit/CIPS Services Purchasing Managers Index rose to 51.8 in February from a reading of 51.5 in January.
Analysts had expected the index to ease down to 51.0 last month.
On the index, a level above 50.0 indicates expansion in the industry, below 50.0 indicates contraction.
Commenting on the report, Chris Williamson, Chief Economist at survey compilers Markit said, “Faster growth of the dominant services sector offset downturns in manufacturing and construction during February, meaning the economy is likely to have grown for a second successive month after the downturn late last year.”
Following the release of that data, the pound added to gains against the U.S. dollar, with GBP/USD adding 0.46% to trade at 1.5182.
Meanwhile, European stock markets remained higher. London’s FTSE 100 rose 0.8%, the EURO STOXX 50 climbed 1.5%, France's CAC 40 added 1.4%, while Germany's DAX rallied 1.5%.