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Euro zone manufacturing PMI rises to 32-month high of 53.9 in January

Published 01/23/2014, 04:02 AM
Euro zone manufacturing PMI rises to 53.9 in January from 52.7
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Investing.com - Manufacturing activity in the euro zone expanded at the fastest pace since May 2011 in January, fuelling optimism over the health of the region’s economy, preliminary data showed on Thursday.

In a report, market research group Markit said that its preliminary manufacturing purchasing managers’ index inched up to a seasonally adjusted 53.9 this month from a final reading of 52.7 in December. Analysts had expected the index to rise to 53.0 this month.

Meanwhile, the preliminary services purchasing managers’ index increased to a seasonally adjusted 51.9 this month from a reading of 51.0 in December. Analysts had expected the index to ease up to 51.4.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

Commenting on the report, Chris Williamson, Chief Economist at Markit said that “The upturn in the PMI puts the region on course for a 0.4-0.5% expansion of GDP in the first quarter, as a 0.6-0.7% expansion in Germany helps offset a flat-looking picture in France.”

He added that, “Elsewhere across the region growth has improved to its fastest since early-2011, meaning the periphery is showing clear signs of starting 2014 on a firm footing.”

Following the release of the data, the euro held to gains against the U.S. dollar, with EUR/USD rising 0.63% to trade at 1.3633.

Meanwhile, European stock markets were mildly higher. The EURO STOXX 50 rose 0.2%, France’s CAC 40 inched up 0.3%, London’s FTSE 100 tacked on 0.15%, while Germany's DAX advanced 0.1%.

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