Investing.com - Manufacturing activity in the euro zone expanded in line with expectations in November, preliminary data showed on Thursday.
In a report, market research group Markit said that its preliminary manufacturing purchasing managers’ index inched up to a seasonally adjusted 51.5 in November from a final reading of 51.3 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report also showed that service sector activity in the euro zone declined to a seasonally adjusted 50.9 this month from 51.6 in October, disappointing expectations for an increase to 51.9.
Commenting on the report, Chris Williamson, Chief Economist at Markit said that “The average reading over the fourth quarter so far is signaling a very modest 0.2% expansion of GDP across the region, and it looks like momentum is being lost again.”
He added that, “The further loss of growth momentum will raise calls for policymakers to do more to prevent the Eurozone from slipping back into another recession.”
Following the release of the data, the euro remained lower against the U.S. dollar, with EUR/USD shedding 0.12% to trade at 1.3424.
Meanwhile, European stock markets held on to losses. The EURO STOXX 50 fell 0.8%, France’s CAC 40 declined 1%, London’s FTSE 100 slumped 0.4%, while Germany's DAX dropped 0.7%.
In a report, market research group Markit said that its preliminary manufacturing purchasing managers’ index inched up to a seasonally adjusted 51.5 in November from a final reading of 51.3 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
The report also showed that service sector activity in the euro zone declined to a seasonally adjusted 50.9 this month from 51.6 in October, disappointing expectations for an increase to 51.9.
Commenting on the report, Chris Williamson, Chief Economist at Markit said that “The average reading over the fourth quarter so far is signaling a very modest 0.2% expansion of GDP across the region, and it looks like momentum is being lost again.”
He added that, “The further loss of growth momentum will raise calls for policymakers to do more to prevent the Eurozone from slipping back into another recession.”
Following the release of the data, the euro remained lower against the U.S. dollar, with EUR/USD shedding 0.12% to trade at 1.3424.
Meanwhile, European stock markets held on to losses. The EURO STOXX 50 fell 0.8%, France’s CAC 40 declined 1%, London’s FTSE 100 slumped 0.4%, while Germany's DAX dropped 0.7%.