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| Pound rallies after service sector data | Pound rallies after service sector data |
| (35 minutes later) | |
| (Mid-morning): The pound made sharp gains against the dollar after a strong report on the UK service sector. | (Mid-morning): The pound made sharp gains against the dollar after a strong report on the UK service sector. |
| The Markit/CIPS purchasing managers' index showed activity in UK services saw its largest month-on-month rise in the survey's history. | The Markit/CIPS purchasing managers' index showed activity in UK services saw its largest month-on-month rise in the survey's history. |
| The pound rose two-thirds of a cent against the dollar after the report came out, to $1.3363. | The pound rose two-thirds of a cent against the dollar after the report came out, to $1.3363. |
| However analysts have warned that we should not read too much into the latest data on the services sector. | |
| "These PMIs are only surveys - more hard economic data over the coming months will be crucial. It's easy to read to too much into a survey for a single month. We are not out of the woods yet," said Neil Wilson, markets analyst at ETX Capital. | |
| Scott Bowman, UK Economist at Capital Economics said: "The survey should be treated with some caution. Just as the July survey probably overstated the economy's underlying weakness, the August survey probably overstates its subsequent recovery." | |
| The FTSE 100 fell, dragged down by losses for banks. RBS fell 2.7% and Lloyds Banking Group was down 1.7%. | |
| Those shares fell after negative comments from analysts at Deutsche Bank. | Those shares fell after negative comments from analysts at Deutsche Bank. |
| Mining shares were a bright spot on the FTSE 100. BHP Billiton was up 2% and Anglo American rose 2.4%. | Mining shares were a bright spot on the FTSE 100. BHP Billiton was up 2% and Anglo American rose 2.4%. |
| Shares in Marks and Spencer fell 0.5% following reports that it plans to cut up to 500 jobs at its head office. | 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. |