US services see small bounce...

A SMALL bounce in the US ISM non-manufacturing index to 54.3 in July from 53.8 in June indicated that the world’s largest economy is not spiralling into the abyss after all. Encouragingly, the gain was driven by a rebound in new orders to 56.7 from 54.4. Employment also grew last month after a slight cut to headcounts in June.

In the Eurozone, the services PMI rose to ?55.8 in July, up from 55.5 in June.