Investing.com - Manufacturing activity in Italy expanded at a slower pace than expected in June, dampening optimism over the economic outlook of the euro zone’s third largest economy, data showed on Tuesday.
In a report, market research group Markit said that its Italian manufacturing purchasing managers’ index inched down to a seasonally adjusted 52.6 last month from a reading of 53.2 in May. Analysts had expected the index to hold steady at 53.2 in June.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Phil Smith, economist at Markit, said, “Output growth eased in June but was nevertheless solid and led businesses to raise employment again, with the current run of jobs growth in the sector the longest since 2007.”
Following the release of the data, the euro was lower against the U.S. dollar, with EUR/USD shedding 0.01% to trade at 1.3692.
Meanwhile, European stock markets were mixed. Italy FTSE MIB rose 0.1%, the DJ Euro Stoxx 50 increased 0.1%, France’s CAC 40 added 0.3%, London’s FTSE 100 inched up 0.35%, while Germany's DAX edged 0.15% higher.