Investing.com - Manufacturing activity in France contracted at the fastest pace in three-months in September, while activity in the services sector expanded for the first time in 19-months, preliminary data showed on Monday.
In a report, market research group Markit said that its preliminary French manufacturing purchasing managers’ index declined to a seasonally adjusted 49.5 in September from a reading of 49.7 in August.
Analysts had expected the index to rise to 50.1 this month.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Meanwhile, the report showed that service sector activity in France improved to 50.7 in September from 48.9 in August. Analysts had expected the index to ease up to 49.3.
Commenting on the report, Jack Kennedy, Senior Economist at Markit said, “A return to expansion for the service sector counterbalanced a weaker manufacturing performance, but new business trends were broadly flat across both sectors.”
Following the release of the data, the euro was modestly higher against the U.S. dollar, with EUR/USD inching up 0.07% to trade at 1.3532.
Meanwhile, European stock markets were mixed after the open. The EURO STOXX 50 shed 0.1%, France’s CAC 40 added 0.1%, London’s FTSE 100 eased down 0.1%, while Germany's DAX edged 0.1% higher.
In a report, market research group Markit said that its preliminary French manufacturing purchasing managers’ index declined to a seasonally adjusted 49.5 in September from a reading of 49.7 in August.
Analysts had expected the index to rise to 50.1 this month.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Meanwhile, the report showed that service sector activity in France improved to 50.7 in September from 48.9 in August. Analysts had expected the index to ease up to 49.3.
Commenting on the report, Jack Kennedy, Senior Economist at Markit said, “A return to expansion for the service sector counterbalanced a weaker manufacturing performance, but new business trends were broadly flat across both sectors.”
Following the release of the data, the euro was modestly higher against the U.S. dollar, with EUR/USD inching up 0.07% to trade at 1.3532.
Meanwhile, European stock markets were mixed after the open. The EURO STOXX 50 shed 0.1%, France’s CAC 40 added 0.1%, London’s FTSE 100 eased down 0.1%, while Germany's DAX edged 0.1% higher.