Investing.com - Manufacturing activity in Germany in August contracted at a slightly faster rate than initially estimated, as new export work fell at the fastest pace since April 2009, data showed on Monday.
In a report, market research group Markit said that its German manufacturing purchasing managers’ index fell to a seasonally adjusted 44.7 in August from a preliminary reading of 45.1. The index stood at 43.0 in July.
Analysts had expected the index to remain unchanged from a preliminary reading of 45.1.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Tim Moore, Senior Economist at Markit said, “The new orders figures are especially disappointing, with export work dropping at the fastest pace since April 2009 amid an ongoing deterioration in global demand.”
Following the release of the data, the euro turned mildly lower against the U.S. dollar, with EUR/USD dipping 0.06% to trade at 1.2570.
Meanwhile, European stock markets came off their highs. The EURO STOXX 50 rose 0.5%, France’s CAC 40 added 0.65%, London’s FTSE 100 gained 0.6%, while Germany's DAX advanced 0.4%.
In a report, market research group Markit said that its German manufacturing purchasing managers’ index fell to a seasonally adjusted 44.7 in August from a preliminary reading of 45.1. The index stood at 43.0 in July.
Analysts had expected the index to remain unchanged from a preliminary reading of 45.1.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Tim Moore, Senior Economist at Markit said, “The new orders figures are especially disappointing, with export work dropping at the fastest pace since April 2009 amid an ongoing deterioration in global demand.”
Following the release of the data, the euro turned mildly lower against the U.S. dollar, with EUR/USD dipping 0.06% to trade at 1.2570.
Meanwhile, European stock markets came off their highs. The EURO STOXX 50 rose 0.5%, France’s CAC 40 added 0.65%, London’s FTSE 100 gained 0.6%, while Germany's DAX advanced 0.4%.