Investing.com - Manufacturing activity in Italy contracted at the same rate from a month earlier in November, underlining 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 held steady at a seasonally adjusted 49.0 last month, unchanged from October.
Analysts had expected the index to inch up to 49.5 in November.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Phil Smith, economist at Markit, said, “Unmoved at 49.0, the PMI shows Italy’s manufacturing sector contracting further in November."
EUR/USD was trading at 1.2469 from around 1.2465 ahead of the release of the data, while EUR/GBP was at 0.7953 from 0.7957 earlier.
Meanwhile, European stock markets were lower. Italy's FTSE MIB 40 fell 1%, the DJ Euro Stoxx 50 decreased 0.8%, France’s CAC 40 lost 0.9%, London’s FTSE 100 shed 0.95%, while Germany's DAX dipped 0.45%.
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Italian manufacturing PMI holds steady at 49.0 in November
Published 12/01/2014, 03:57 AM
Italian manufacturing PMI holds steady at 49.0 in November
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