Firms Cited Middle East Disruptions and Strong Competition, With Growth Driven by European Clients

Global shares jumped on Tuesday as technology stocks revived, while Brent crude rose 1% to $80.20 a barrel on hopes for a Middle East interim deal. Britain's services sector returned to growth in July, with the S&P Global purchasing managers' index climbing to 52.1 from 48.8 in June, the highest since April but below its long-run average of 54.2. New orders rebounded slightly, ending a four-month decline, though export orders fell for a fifth month at a slower pace. Firms cited Middle East disruptions and strong competition, with growth driven by European clients. Backlogs continued to shrink, indicating subdued pressure on capacity.