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Sterling, stocks rise after UK construction survey

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Sterling and Britain's blue chip stock index rose to a day's high on Friday after a survey showed the downturn in the construction sector was easing, boosting expectations that the economy is holding up well after the Brexit vote.

[LONDON] Sterling and Britain's blue chip stock index rose to a day's high on Friday after a survey showed the downturn in the construction sector was easing, boosting expectations that the economy is holding up well after the Brexit vote.

The Markit/CIPS UK Construction Purchasing Managers' Index (PMI) rose to 49.2 from 45.9 in July, still below the 50 mark dividing growth and contraction but beating all forecasts in a Reuters poll.

Sterling rose to a high of US$1.3295, up from around US$1.3275 before the survey was released. It hit a four-week high of US$1.3318 on Thursday. The euro weakened to a day's low of 84.16 pence, having traded at 84.29 pence beforehand.

Britain's blue-chip FTSE 100 index was last quoted 0.5 per cent higher.

sentifi.com

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The construction PMI followed data on Thursday that showed the British manufacturing sector staging one of its sharpest rebounds on record. The Markit/CIPS manufacturing PMI jumped to a 10-month high of 53.3 in August, recovering from the three-year low it hit in July.

REUTERS

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