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FTSE 100 edges higher in early trading Pound rallies after service sector data
(about 1 hour later)
(Open): Gains for mining shares helped the FTSE 100 edge higher. (Mid-morning): The pound made sharp gains against the dollar after a strong report on the UK service sector.
A 2.3% rise for BHP Billiton and a 2.4% rise for Anglo American helped support the FTSE 100 which added 3 points. The Markit/CIPS purchasing managers' index showed activity in UK services saw its largest month-on-month rise in the survey's history.
Royal Bank of Scotland and Lloyds Banking Group were the big losers, falling 3% and 2% respectively, after negative comments from analysts at Deutsche Bank. The pound rose two-thirds of a cent against the dollar after the report came out, to $1.3363.
Shares in Marks and Spencer fell 1.2% following reports that it plans to cut up to 500 jobs at its head office. But the FTSE 100 fell, dragged down by losses for banks. RBS fell 2.7% and Lloyds Banking Group was down 1.7%.
On the currency markets, the pound was little changed against the dollar at $1.3297. Those shares fell after negative comments from analysts at Deutsche Bank.
It was 0.1% lower against the euro at €1.1907. Mining shares were a bright spot on the FTSE 100. BHP Billiton was up 2% and Anglo American rose 2.4%.
Traders will be keeping a close eye on data on the UK services industry. The Markit/CIPS UK Construction Purchasing Managers' Index is released at 09:30. Shares in Marks and Spencer fell 0.5% following reports that it plans to cut up to 500 jobs at its head office.
US financial markets are closed for Labor Day, which could subdue trading in Europe.US financial markets are closed for Labor Day, which could subdue trading in Europe.