Investing.com - Private sector output in Germany expanded at a slower pace than expected in October, dampening optimism over the health of the euro zone's largest economy, preliminary data showed on Tuesday.
Market research group Markit said that its Flash German Composite Output Index, which measures the combined output of both the manufacturing and service sectors fell from 57.7 in September to 56.9 in October, missing forecasts for 57.5.
The preliminary German manufacturing purchasing managers’ index dipped to 60.5 this month from a final reading of 60.6 in September. Analysts had expected the index to slip to 60.2 in October.
The flash services purchasing managers’ index declined to 55.2 this month from 55.6 in September, below expectations for a reading of 55.5.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
EUR/USD was at 1.1745 from around 1.1750 ahead of the release of the data, while EUR/GBP was at 0.8908 from 0.8910 earlier.
Meanwhile, European stock markets were mildly higher after the open. Germany's DAX rose 0.1%, the EURO STOXX 50 added 0.2%, France’s CAC 40 inched up 0.4%, while London’s FTSE 100 gained 0.1%.