Investing.com - Manufacturing activity in Spain contracted at the fastest pace in six months in November, renewing fears over the economic outlook of the euro zone’s fourth-largest economy, data showed on Monday.
In a report, market research group Markit said that its Spanish manufacturing purchasing managers’ index declined to a seasonally adjusted 48.6 in November from a reading of 50.9 in October.
Analysts had expected the index to rise to 51.0 in November.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Andrew Harker, Senior Economist at Markit said, “The latest PMI survey highlights the current fragility of the Spanish manufacturing sector, with the domestic market the key source of weakness.”
Following the release of the data, the euro was modestly higher against the U.S. dollar, with EUR/USD easing up 0.06% to trade at 1.3599.
Meanwhile, European stock markets were lower after the open. Spain’s IBEX 35 tumbled 1%, the EURO STOXX 50 fell 0.4%, France’s CAC 40 declined 0.3%, London’s FTSE 100 slumped 0.45%, while Germany's DAX inched down 0.1%.
In a report, market research group Markit said that its Spanish manufacturing purchasing managers’ index declined to a seasonally adjusted 48.6 in November from a reading of 50.9 in October.
Analysts had expected the index to rise to 51.0 in November.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Andrew Harker, Senior Economist at Markit said, “The latest PMI survey highlights the current fragility of the Spanish manufacturing sector, with the domestic market the key source of weakness.”
Following the release of the data, the euro was modestly higher against the U.S. dollar, with EUR/USD easing up 0.06% to trade at 1.3599.
Meanwhile, European stock markets were lower after the open. Spain’s IBEX 35 tumbled 1%, the EURO STOXX 50 fell 0.4%, France’s CAC 40 declined 0.3%, London’s FTSE 100 slumped 0.45%, while Germany's DAX inched down 0.1%.