Investing.com - Manufacturing activity in France expanded at the fastest pace in four months in April, while services sector activity improved to an eight-month high, preliminary data showed on Tuesday.
In a report, market research group Markit said that its preliminary French manufacturing purchasing managers’ index inched up to a seasonally adjusted 44.4 in April, up from March’s reading of 44.0.
Analysts had expected the index to rise to 44.3 in April.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Meanwhile, the report showed that service sector activity in France rose to an eight-month high of 44.1 in April from a final reading of 41.3 in March. Analysts had expected the index to ease up to 42.0.
Commenting on the report, Jack Kennedy, Senior Economist at Markit said, “The downturn in French private sector output eased in April from March’s four-year record, but nonetheless remained sharp.”
Following the release of the data, the euro turned higher against the U.S. dollar, with EUR/USD rising 0.07% to trade at 1.3076.
Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 rose 0.2%, France’s CAC 40 added 0.3%, London’s FTSE 100 tacked on 0.15%, while Germany's DAX increased 0.1%.
In a report, market research group Markit said that its preliminary French manufacturing purchasing managers’ index inched up to a seasonally adjusted 44.4 in April, up from March’s reading of 44.0.
Analysts had expected the index to rise to 44.3 in April.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Meanwhile, the report showed that service sector activity in France rose to an eight-month high of 44.1 in April from a final reading of 41.3 in March. Analysts had expected the index to ease up to 42.0.
Commenting on the report, Jack Kennedy, Senior Economist at Markit said, “The downturn in French private sector output eased in April from March’s four-year record, but nonetheless remained sharp.”
Following the release of the data, the euro turned higher against the U.S. dollar, with EUR/USD rising 0.07% to trade at 1.3076.
Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 rose 0.2%, France’s CAC 40 added 0.3%, London’s FTSE 100 tacked on 0.15%, while Germany's DAX increased 0.1%.