FTSE 100 started the week 0.66% lower at 7,310.4 breaking a five-day winning streak as optimism for a deal between China and US fade away. Traders await the GDP data later today to find out if the economy slipped into recession in the third quarter after a contraction in the second quarter. Analysts expect a reading of -0.2% for the quarter.
Last week the UK Services PMI came in at 50, topping forecasts of 49.7 in October and above the previous reading of 49.5. The services sector in UK is the biggest contributor to GDP and the 50 print today indicates that the services sector has turned the momentum to positive and in the upcoming months might break above 50 that will signal expansion for the sector.
UK heads to general election in December that increases the uncertainty for the short term but might clarify the political situation for 2020.