Investing.com - Manufacturing activity in Italy in November expanded at the fastest pace since April 2011, fuelling optimism over the economic outlook of the euro zone’s third-largest economy, data showed on Thursday.
In a report, market research group Markit said that its Italian manufacturing purchasing managers’ index rose to a seasonally adjusted 53.3 last month from a reading of 51.4 in November. Analysts had expected the index to rise to 51.8 in December.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Phil Smith, economist at Markit, said, “Italy’s manufacturing sector continues to go from strength to strength, posting its best performance in terms of growth for more than two-and-a-half years in December.”
Following the release of the data, the euro was modestly lower against the U.S. dollar, with EUR/USD easing down 0.21% to trade at 1.3729.
Meanwhile, European stock markets were mixed after the open. Italy FTSE MIB 40 rose 0.85%, the EURO STOXX 50 fell 0.3%, France’s CAC 40 declined 0.45%, London’s FTSE 100 slumped 0.35%, while Germany's DAX inched down 0.25%.
In a report, market research group Markit said that its Italian manufacturing purchasing managers’ index rose to a seasonally adjusted 53.3 last month from a reading of 51.4 in November. Analysts had expected the index to rise to 51.8 in December.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Phil Smith, economist at Markit, said, “Italy’s manufacturing sector continues to go from strength to strength, posting its best performance in terms of growth for more than two-and-a-half years in December.”
Following the release of the data, the euro was modestly lower against the U.S. dollar, with EUR/USD easing down 0.21% to trade at 1.3729.
Meanwhile, European stock markets were mixed after the open. Italy FTSE MIB 40 rose 0.85%, the EURO STOXX 50 fell 0.3%, France’s CAC 40 declined 0.45%, London’s FTSE 100 slumped 0.35%, while Germany's DAX inched down 0.25%.