Markets ride on wave of economic optimism and shrug off growing unrest in the US, as China services activity hits 10-year-high
Spain’s final PMI readings from IHS Markit for its services sector and the overall economy in May are out. They are slightly better than the flash estimates, but still indicate sharp contractions, as they are far below the 50 mark that divides expansion from contraction.
Markit says the two weakest sectors within services remained hotels and restaurants and transport and storage.
Spain Markit Services PMI May: 27.9 (est 25.0; prev 7.1)
Spain Markit Composite PMI May: 29.2 (est 29.0; prev 9.2)
As Brexit talks have resumed this week, Nissan is warning that its Sunderland manufacturing plant is still under threat if the UK leaves the European Union without a trade deal, my colleague Mark Sweney writes.
Last week, Nissan said that the UK’s largest car manufacturing plant would stay open as it announced plans to cut £2.3bn in costs worldwide. However, the carmaker has said it would need to “improve efficiency” at the factory in the north-East of England, which employs 6,700 staff.
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