Investing.com - Manufacturing activity in Italy grew at the fastest rate in eight months in February, easing concerns over the economic outlook of the euro zone’s third largest economy, data showed on Monday.
In a report, market research group Markit said that its Italian manufacturing purchasing managers’ index rose to a seasonally adjusted 51.9 last month from 49.9 in January. Analysts had expected the index to inch up to 50.3 in February.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Phil Smith, economist at Markit, said, “Export orders rose strongly to drive the upturn, boosted by a depreciating currency and better economic performance in key export markets, Germany and France."
EUR/USD was trading at 1.1195 from around 1.1189 ahead of the release of the data, while EUR/GBP was at 0.7270 from 0.7269 earlier.
Meanwhile, European stock markets were mixed. Italy's FTSE MIB 40 rose 0.7%, the EURO STOXX 50 increased 0.2%, France’s CAC 40 lost 0.1%, London’s FTSE 100 tacked on 0.35%, while Germany's DAX added 0.3%.
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Italian manufacturing PMI rises to 8-month high in February
Published 03/02/2015, 04:00 AM
Updated 03/02/2015, 04:00 AM
Italian manufacturing PMI rises to 8-month high in February
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