Investing.com - Financial Markets Worldwide
🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Euro zone manufacturing PMI rises to 32-month high of 53.9 in January

Published 01/23/2014, 04:02 AM
Euro zone manufacturing PMI rises to 53.9 in January from 52.7
EUR/USD
-

Investing.com - Manufacturing activity in the euro zone expanded at the fastest pace since May 2011 in January, fuelling optimism over the health of the region’s economy, 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 53.9 this month from a final reading of 52.7 in December. Analysts had expected the index to rise to 53.0 this month.

Meanwhile, the preliminary services purchasing managers’ index increased to a seasonally adjusted 51.9 this month from a reading of 51.0 in December. Analysts had expected the index to ease up to 51.4.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

Commenting on the report, Chris Williamson, Chief Economist at Markit said that “The upturn in the PMI puts the region on course for a 0.4-0.5% expansion of GDP in the first quarter, as a 0.6-0.7% expansion in Germany helps offset a flat-looking picture in France.”

He added that, “Elsewhere across the region growth has improved to its fastest since early-2011, meaning the periphery is showing clear signs of starting 2014 on a firm footing.”

Following the release of the data, the euro held to gains against the U.S. dollar, with EUR/USD rising 0.63% to trade at 1.3633.

Meanwhile, European stock markets were mildly higher. The EURO STOXX 50 rose 0.2%, France’s CAC 40 inched up 0.3%, London’s FTSE 100 tacked on 0.15%, while Germany's DAX advanced 0.1%.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.