U.K. July Services PMI Dips Ahead of BOE's Super Thursday
Britain’s services sector, the largest part of the economy, is shrinking at the fastest pace in seven years, adding weight to arguments for the Bank of England to loosen policy this week. Markit said its Purchasing Managers Index plunged to 47.4 in July from 52.3 in June, below the 50 level that signals contraction. The gauge hasn’t been this weak since March 2009, when the BOE cut its benchmark interest rate to a record low and launched quantitative easing to aid the economy. Bloomberg's Lucy Meakin reports and JPMorgan Global Market Strategist Nandini Ramakrishnan discusses with Bloomberg's Francine Lacqua on "The Pulse."