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German manufacturing PMI rises to 32-month high of 56.3 in January

Published 01/23/2014, 03:34 AM
German manufacturing PMI rises to 56.3 in January from 54.3
EUR/USD
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Investing.com - Manufacturing activity in Germany expanded at the highest pace since May 2011 this month, fuelling optimism over the health of the euro zone’s largest economy, preliminary data showed on Thursday.

In a report, market research group Markit said that its preliminary German manufacturing purchasing managers’ index rose to a seasonally adjusted 56.3 in January from a final reading of 54.3 in December. Analysts had expected the index to inch up to 54.6 this month.

Meanwhile, the preliminary services purchasing managers’ index increased to a seasonally adjusted 53.6 this month from a reading of 53.5 in December. Analysts had expected the index to ease up to 54.0.

A reading above 50.0 on the index indicates industry expansion, below indicates contraction.

Commenting on the report, Ollver Kolodselke, Economist at Markit said, “Stronger demand in the goods producing sector was attributed to higher business intakes from both domestic and foreign markets, with non-EU countries noted as a source of growth.”

Following the release of the data, the euro added to gains against the U.S. dollar, with EUR/USD rising 0.56% to trade at 1.3623, compared to 1.3602 ahead of the data.

Meanwhile, European stock markets turned higher. The EURO STOXX 50 rose 0.2%, France’s CAC 40 inched up 0.3%, London’s FTSE 100 tacked on 0.15%, while Germany's DAX advanced 0.1%.

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