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Real-time News
February 20th - A PMI survey shows that the recovery momentum of UK businesses since the beginning of 2026 has continued for the second month, but service sector companies are still laying off large numbers of workers, partly due to higher taxes imposed by the Labour government. The UKs preliminary composite PMI rose to 53.9 in February from 53.7 in January, the highest level since April 2024. Chris Williamson, chief global business economist at S&P Global, said: "The preliminary purchasing managers index data for February further suggests that the UK economy is showing an encouraging trend at the start of the year." "Bank of England policymakers will be encouraged by increasingly strong signs of economic growth. However, the relatively mild upward pressure on prices and the persistent, worrying weakness in the labor market are likely to prompt calls for further interest rate cuts."The UKs preliminary composite PMI for February was 53.9, below the expected 53.3 and the previous reading of 53.7.The UKs preliminary services PMI for February was 53.9, below the expected 53.5 and the previous reading of 54.The UKs preliminary manufacturing PMI for February was 52, below the expected 51.5 and the previous reading of 51.8.On February 20th, Iranian Oil Minister Mahmoud Paknejhad stated regarding the ongoing negotiations between Iran and the United States that "anything is possible" for cooperation between the two countries in the oil and gas sector. However, he pointed out that it remains unclear whether oil and gas cooperation between Tehran and Washington will officially commence. Previously, Iranian Foreign Ministry officials had revealed that the negotiations with the United States included shared interests in the oil and gas sector, joint ventures in oil fields, mineral investments, and aircraft purchases.
