Investing.com – Manufacturing activity in Germany rose unexpectedly in December, rebounding from the previous month’s 28-month low, preliminary data showed on Thursday.
In a report, market research group Markit said that its preliminary German manufacturing purchasing managers’ index rose by 0.2 points to a seasonally adjusted 48.1 in December, up from 47.9 in November.
Analysts had expected the index to decline by 0.3 points to 47.6 in December.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Meanwhile, the report showed that service sector activity in Germany rose to a five-month high in December.
The preliminary services purchasing managers’ index rose by 2.4 points to a seasonally adjusted 52.7 from 50.3 in November. Analysts had expected the index to ease down 0.2 points to 50.1.
Commenting on the report, Tim Moore, Senior Economist at Markit said, “December’s flash PMI reading for Germany is a step in the right direction, but not enough to rescue what has been a subdued final quarter of 2011.”
“Higher services activity has meanwhile been a pillar of support to overall German output in recent months,” he added.
Following the release of the data, the euro remained higher against the U.S. dollar, with EUR/USD rising 0.31% to trade at 1.3024.
Meanwhile, European stock markets extended gains. The EURO STOXX 50 climbed 0.8%, France’s CAC 40 rose 0.85%, the FTSE 100 advanced 0.8%, while Germany's DAX jumped 0.9%.
In a report, market research group Markit said that its preliminary German manufacturing purchasing managers’ index rose by 0.2 points to a seasonally adjusted 48.1 in December, up from 47.9 in November.
Analysts had expected the index to decline by 0.3 points to 47.6 in December.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Meanwhile, the report showed that service sector activity in Germany rose to a five-month high in December.
The preliminary services purchasing managers’ index rose by 2.4 points to a seasonally adjusted 52.7 from 50.3 in November. Analysts had expected the index to ease down 0.2 points to 50.1.
Commenting on the report, Tim Moore, Senior Economist at Markit said, “December’s flash PMI reading for Germany is a step in the right direction, but not enough to rescue what has been a subdued final quarter of 2011.”
“Higher services activity has meanwhile been a pillar of support to overall German output in recent months,” he added.
Following the release of the data, the euro remained higher against the U.S. dollar, with EUR/USD rising 0.31% to trade at 1.3024.
Meanwhile, European stock markets extended gains. The EURO STOXX 50 climbed 0.8%, France’s CAC 40 rose 0.85%, the FTSE 100 advanced 0.8%, while Germany's DAX jumped 0.9%.