Investing.com - Service sector activity in the euro zone expanded at a faster pace than initially expected in November, revised data showed on Wednesday.
In a report, market research group Markit said that its final services purchasing managers’ index inched up to a seasonally adjusted 51.2 in November, up from a preliminary reading of 50.9 and compared to 51.6 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Trends remained varied by nation. Germany and Ireland led the pack by some distance. Spain also saw a modest expansion of output for the third time in the past four months.
In contrast, France and Italy slipped back into contraction following brief periods of output growth.
Commenting on the report, Chris Williamson, Chief Economist at Markit said that “The survey suggests that the region’s economy is on course to grow by just 0.2% in the fourth quarter.”
Following the release of the data, the euro was modestly lower against the U.S. dollar, with EUR/USD easing down 0.06% to trade at 1.3581.
Meanwhile, European stock markets turned higher. The EURO STOXX 50 rose 0.15%, France’s CAC 40 added 0.4%, London’s FTSE 100 inched up 0.1%, while Germany's DAX increased 0.3%.
In a report, market research group Markit said that its final services purchasing managers’ index inched up to a seasonally adjusted 51.2 in November, up from a preliminary reading of 50.9 and compared to 51.6 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
Trends remained varied by nation. Germany and Ireland led the pack by some distance. Spain also saw a modest expansion of output for the third time in the past four months.
In contrast, France and Italy slipped back into contraction following brief periods of output growth.
Commenting on the report, Chris Williamson, Chief Economist at Markit said that “The survey suggests that the region’s economy is on course to grow by just 0.2% in the fourth quarter.”
Following the release of the data, the euro was modestly lower against the U.S. dollar, with EUR/USD easing down 0.06% to trade at 1.3581.
Meanwhile, European stock markets turned higher. The EURO STOXX 50 rose 0.15%, France’s CAC 40 added 0.4%, London’s FTSE 100 inched up 0.1%, while Germany's DAX increased 0.3%.