Investing.com – Manufacturing activity in Germany rose more-than-expected in November, rising to its highest level in four months, preliminary data showed on Tuesday.
In a report, market research group Markit said that its preliminary German manufacturing purchasing managers index rose to a seasonally adjusted 58.9 in November, up from 56.6 in October, whose figure was revised up from 56.1.
Analysts had expected the index to rise to 57.0 in November.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
The report also said that service sector activity in Germany increased unexpectedly in November, rising to a 39-month high.
The preliminary services purchasing manager's index rose to a seasonally adjusted 58.6 in November, after rising to 56.0 in October, whose figure was revised down from 56.6.
Analysts had expected the index to decline to 55.9 in November.
Commenting on the report, Tim Moore, economist at Markit said, “Strong rises in manufacturing production remain the overall driver of the German economic recovery, but service sector growth has quietly gained momentum in the second half of the year.”
He added, “The latest rise in services activity was the sharpest for over three years, and the degree of confidence in the year-ahead outlook rose to its second-highest since January 2006.”
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD falling 0.38% to hit 1.3574.
Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 tumbled 0.94%, France’s CAC 40 fell 0.86%, the FTSE 100 declined 0.82% and Germany's DAX was down 0.70%.
In a report, market research group Markit said that its preliminary German manufacturing purchasing managers index rose to a seasonally adjusted 58.9 in November, up from 56.6 in October, whose figure was revised up from 56.1.
Analysts had expected the index to rise to 57.0 in November.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
The report also said that service sector activity in Germany increased unexpectedly in November, rising to a 39-month high.
The preliminary services purchasing manager's index rose to a seasonally adjusted 58.6 in November, after rising to 56.0 in October, whose figure was revised down from 56.6.
Analysts had expected the index to decline to 55.9 in November.
Commenting on the report, Tim Moore, economist at Markit said, “Strong rises in manufacturing production remain the overall driver of the German economic recovery, but service sector growth has quietly gained momentum in the second half of the year.”
He added, “The latest rise in services activity was the sharpest for over three years, and the degree of confidence in the year-ahead outlook rose to its second-highest since January 2006.”
Following the release of the data, the euro was down against the U.S. dollar, with EUR/USD falling 0.38% to hit 1.3574.
Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 tumbled 0.94%, France’s CAC 40 fell 0.86%, the FTSE 100 declined 0.82% and Germany's DAX was down 0.70%.