Investing.com - Manufacturing activity in France contracted at a slower rate than expected in January, easing concerns over the economic outlook of the euro zone’s second-largest economy, preliminary data showed on Thursday.
In a report, market research group Markit said that its preliminary French manufacturing purchasing managers’ index inched up to a seasonally adjusted 48.8 this month from a reading of 47.0 in December. Analysts had expected the index to rise to 47.5 this month.
Meanwhile, the preliminary services purchasing managers’ index rose to a seasonally adjusted 48.6 in January from 47.8 in December and above expectations for an increase to 48.1.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Jack Kennedy, Senior Economist at Markit said, “Weakness in the French private sector persisted in January, with output falling further, albeit at a reduced rate.”
Following the release of the data, the euro added to gains against the U.S. dollar, with EUR/USD rising 0.35% to trade at 1.3594, compared to 1.3574 ahead of the data.
Meanwhile, European stock markets were lower after the open. The EURO STOXX 50 fell 0.1%, France’s CAC 40 declined 0.2%, London’s FTSE 100 slumped 0.3%, while Germany's DAX dropped 0.1%.
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French manufacturing PMI rises to 3-month high of 48.8 in January
Published 01/23/2014, 03:05 AM
Updated 01/23/2014, 03:05 AM
French manufacturing PMI rises to 3-month high of 48.8 in January
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