UK: Politics and economics are featured today – BBH

By FXStreet Research Team at BBH, notes that the UK service PMI completed the monthly cycle and painted a consistent picture with the manufacturing and construction PMIS by disappointing expectations.

Key Quotes

“The service sector PMI fell to 52.3 in April from 53.7 in March. The median forecast was for a 53.5 reading. The combination of the three PMIs pushed the composite to 51.9, which is at least a three-year low, from 53.6. The takeaway is that the gradual slowing of the UK economy that began near the middle of last year has continued into early Q2 16.

British voters go to the polls today to elect local government officials, including the Mayor of London. Typically, the opposition party picks up a few hundred local council seats. It does not appear Labour will, and this is not particularly good news of Corbyn, the party’s leader. It might embolden a leadership challenge. In any event, Labour does not look to be in a position to take maximum advantage of the sharp fissures in the Tory Party over next month’s referendum.”
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Source:: FX Street