UK service sector grows much faster than expected in May - CIPS/Markit

(Reuters) - Britain's service sector grew much faster than expected in May with new business increasing at its fastest rate in over three years, a survey showed on Wednesday, showing that the economy is picking up speed.

The Purchasing Managers' Index (PMI) for services, produced by Markit and the Chartered Institute of Purchasing & Supply, rose to 54.9 in May from 52.9 in April.

That was the strongest reading since March 2012 and easily beat the top forecast of 53.6 in a Reuters poll of 30 economists. The median forecast was 53.0.

EUR Retail Sales m/m -0.5% -0.2% -0.2%

EUR Revised GDP q/q -0.2% -0.2% -0.2%

FTSE100 sharply lower midday as the bears take up the baton

Analysis - As Facebook grows up, grand ambitions get reality check

SAN FRANCISCO | Wed Jun 5, 2013 12:06pm BST
(Reuters) - Facebook, which once seemed poised to take over the Internet, is showing its limitations: a host of newer services are gaining ground among trend-setting youth; a much-hyped smartphone app has received a tepid response; and grand ambitions such as taking on Google in the search business seem ever more fanciful.

In a volatile Internet industry where companies can rise and fall almost overnight, one might even say that the nine-year-old Facebook Inc is suffering a mid-life crisis.

USD ADP Non-Farm Employment Change 135K 171K 119K

CAD Building Permits m/m 10.5% -2.3% 8.6%

USD Revised Nonfarm Productivity q/q 0.5% 0.7% 0.7%

USD Revised Unit Labor Costs q/q -4.3% 0.5% 0.5%

USD ISM Non-Manufacturing PMI 53.7 53.4 53.1

USD Factory Orders m/m 1.0% 1.6% -4.9%

FTSE 100 plummets almost one hundred and forty points lower