FTSE 100 pares its revenues
On Monday, British shares came off session peaks, with the blue-chip benchmark rebounding from another potential year’s peak, following data confirming heavy deterioration in the UK’s manufacturing activity in the wake of the Brexit vote.
Today, the FTSE 100 gained just 1 point, being worth 6,725.13, having risen 0.7%. Earlier the index had traded above its 2016 closing peak of 6,750.43, July 27.
On Friday, the index closed higher by 0.1%. for July it grew 3.4%, though slipped 0.1% the previous week.
On Monday, the benchmark drifted to its intraday minimum right after a mediocre showing of July manufacturing activity data. Its purchasing managers’ index sank to 48.2, which is the lowest value since February 2013. It was down from a preliminary, flash reading of 49.1, and an outcome below 50 stands for contraction.
As for the only saving grace for manufacturing, demand is normally more price responsive than for services, and it benefits exporters in the wake of the deterioration in the British pound.