STOCKS | UK Business Activity Expands for First Time in Three Months as Cost Pressure Eases

According to PMI surveys, UK businesses reported their first growth in three months in July, supported by a brief respite during the Iran war and marking the most optimistic reading since the conflict began. UK flash composite PMI rose to 52.1 in July from 49.3 in June, its highest level since February and above market expectations of 49.7. According to Jin10, UK flash services PMI increased to 51.8 from 48.8, the highest since April, while manufacturing PMI edged up to 52.8 from 52.5. Chris Williamson, chief business economist at S&P Global Market Intelligence, said the hospitality sector benefited from hot weather, the World Cup, and people choosing to holiday in the UK because high costs and uncertainty were discouraging overseas travel.