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Eurozone composite PMI jumps to 49-month high of 54.1 in June

Published 06/23/2015, 04:09 AM
Updated 06/23/2015, 04:09 AM
© Reuters.  Eurozone composite PMI jumps to 49-month high of 54.1 in June

© Reuters. Eurozone composite PMI jumps to 49-month high of 54.1 in June

Investing.com - Economic activity in the euro zone grew at the fastest pace in four years in June, adding to evidence that the European Central Bank's massive stimulus program was taking effect, preliminary data showed on Tuesday.

In a report, market research group Markit said that its Flash Euro Zone Composite Output Index, which measures the combined output of both the manufacturing and service sectors rose from 53.6 in May to 54.1 in June, beating forecasts for 53.5.

The preliminary euro zone manufacturing purchasing managers’ index rose to a seasonally adjusted 52.5 this month, up from a final reading of 52.2 in May. Analysts had expected the index to hold steady at 52.2 in June.

Meanwhile, the flash services purchasing managers’ index improved to 54.4 this month from 53.8 in May and above expectations for a reading of 53.6.

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, “Despite the cloud of the Greek debt crisis hanging over the region, the euro zone saw economic growth accelerate to a four-year high in June."

"The PMI is signaling GDP growth of 0.4% for the region as a whole in the second quarter," he added.

EUR/USD was trading at 1.1264 from around 1.1260 ahead of the release of the data, while EUR/GBP was at 0.7138 from 0.7136 earlier.

Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 tacked on 0.75%, Germany's DAX jumped 0.9%, France’s CAC 40 rose 0.75%, while London’s FTSE 100 inched up 0.15%.

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