European markets slip after weaker service sector data
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Michael Hewson, chief market analyst at CMC Markets UK, blamed the “disappointing” service industry PMI data for early weakness, before the main indexes reduced their losses. “European markets have managed to recover from the lows of the day, with the FTSE 100 trying to rebound into positive territory helped by a strong performance from the energy sector,” he said. “The biggest losers today have been in the retail sector after JPMorgan Chase cut its ratings on the likes of Tesco, B&M, and the rest of the grocery sector on expectations that falling food prices will start to impact on retailer margins” Stateside, the US markets took their cues from Europe to open slightly lower, with shares in Manchester United sliding due to reports the Glazer family might not sell the club. Royal Mail owner International Distributions Services saw shares finish higher after regulator Ofcom announced plans to review the UK’s universal postal service regime.
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