Investing.com - Service sector activity in the euro zone contracted at the fastest pace since July 2009 last month, as output continued to contract in the region’s top four economies, revised data showed on Tuesday.
In a report, market research group Markit said that its revised euro zone services purchasing managers’ index declined to a seasonally adjusted 46.0 in October, down from a preliminary reading of 46.2.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Rob Dobson, Senior Economist at Markit said, “The final euro zone PMI reading came in at a level historically consistent with the region’s economy contracting at a quarterly rate of around 0.5%, confirming the picture painted by the earlier flash estimate.”
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD dipping 0.18% to trade at 1.2773.
Meanwhile, European stock markets were mildly higher. The EURO STOXX 50 added 0.1%, France’s CAC 40 eased up 0.2%, London’s FTSE 100 rose 0.2%, while Germany's DAX gained 0.1%.
In a report, market research group Markit said that its revised euro zone services purchasing managers’ index declined to a seasonally adjusted 46.0 in October, down from a preliminary reading of 46.2.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Rob Dobson, Senior Economist at Markit said, “The final euro zone PMI reading came in at a level historically consistent with the region’s economy contracting at a quarterly rate of around 0.5%, confirming the picture painted by the earlier flash estimate.”
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD dipping 0.18% to trade at 1.2773.
Meanwhile, European stock markets were mildly higher. The EURO STOXX 50 added 0.1%, France’s CAC 40 eased up 0.2%, London’s FTSE 100 rose 0.2%, while Germany's DAX gained 0.1%.