Investing.com - Service sector activity in France contracted at a faster rate than initially expected in August, industry data showed on Wednesday.
In a report, market research group Markit said that its French services purchasing managers’ index fell to a seasonally adjusted 49.2 in August from a preliminary reading of 50.2. The index stood at 50.0 in July.
Analysts had expected the index to hold steady at 50.2.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Jack Kennedy, senior economist at Markit said, “Conditions in the French service sector remained fragile in August, with activity slipping back into contraction and new business falling at a faster pace.”
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD dipping 0.3% to trade at 1.2529.
Meanwhile, European stock markets were broadly lower after the open. The EURO STOXX 50 eased down 0.15%, France’s CAC 40 shed 0.25%, London’s FTSE 100 declined 0.4%, while Germany's DAX was flat.
In a report, market research group Markit said that its French services purchasing managers’ index fell to a seasonally adjusted 49.2 in August from a preliminary reading of 50.2. The index stood at 50.0 in July.
Analysts had expected the index to hold steady at 50.2.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Jack Kennedy, senior economist at Markit said, “Conditions in the French service sector remained fragile in August, with activity slipping back into contraction and new business falling at a faster pace.”
Following the release of the data, the euro held on to losses against the U.S. dollar, with EUR/USD dipping 0.3% to trade at 1.2529.
Meanwhile, European stock markets were broadly lower after the open. The EURO STOXX 50 eased down 0.15%, France’s CAC 40 shed 0.25%, London’s FTSE 100 declined 0.4%, while Germany's DAX was flat.