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German manufacturing PMI rises to 29-month high of 52.5 in November
In a report, market research group Markit said that its preliminary German manufacturing purchasing managers’ index rose to a seasonally adjusted 52.5 in November from a final reading of 51.7 in October.
Analysts had expected the index to inch up to 52.0 this month.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Meanwhile, the report showed that service sector activity in Germany grew at the fastest pace in nine months in November.
The preliminary services purchasing managers’ index rose to a seasonally adjusted 54.5 this month from a reading of 52.9 in October. Analysts had expected the index to ease up to 53.0.
Commenting on the report, Tim Moore, Senior Economist at Markit said, “November’s survey suggests that the German economy has built up a head of steam through the final quarter of 2013 and is well on track to achieve growth of close to 0.5% for the calendar year.”
Following the release of the data, the euro trimmed losses against the U.S. dollar, with EUR/USD shedding 0.1% to trade at 1.3426.
Meanwhile, European stock markets remained lower. The EURO STOXX 50 fell 0.9%, France’s CAC 40 dropped 1%, London’s FTSE 100 slumped 0.5%, while Germany's DAX declined 0.8%.
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