Investing.com - Manufacturing activity in Germany in November contracted at the fastest pace in 17 months, underling concerns over the health of the euro zone's largest economy, data showed on Monday.
In a report, market research group Markit said that its German manufacturing purchasing managers’ index hit a seasonally adjusted 49.5 last month, down from a preliminary reading of 50.0. The index stood at 51.4 in October.
Analysts had expected the index to remain unchanged from a preliminary reading of 50.0.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Oliver Kolodseike, economist at Markit said, “With companies struggling to obtain new contracts from home and abroad in the face of economic uncertainties, hopes are now fading that any meaningful growth in manufacturing will resume towards the end of the year."
EUR/USD was trading at 1.2451 from around 1.2458 ahead of the release of the data, while EUR/GBP was at 0.7950 from 0.7954 earlier.
Meanwhile, European stock markets remained lower. The DJ Euro Stoxx 50 lost 1.2%, France’s CAC 40 fell 1.25%, London’s FTSE 100 declined 1.2%, while Germany's DAX slumped 0.75%.
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German manufacturing PMI revised down to 49.5 in November
Published 12/01/2014, 04:07 AM
Updated 12/01/2014, 04:07 AM
German manufacturing PMI revised down to 49.5 in November
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