Manufacturing activity in the euro zone expanded at a faster pace than initially expected in November, revised data showed on Monday.
In a report, market research group Markit said that its final manufacturing purchasing managers’ index inched up to a seasonally adjusted 51.6 in November, up from a preliminary reading of 51.5 and compared to 51.3 in October.
On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.
PMIs for Germany, Italy, the Netherlands, Austria and Ireland all signaled expansion in November.
France, meanwhile, slipped to the bottom of the PMI league table and was the only nation to report faster declines in both output and new orders.
Spain fell back into contraction, as its weak domestic market offset improved inflows of new export business.
Commenting on the report, Chris Williamson, Chief Economist at Markit said that “The data suggest that output is rising at a quarterly rate of only around 0.6% in the fourth quarter so far.”
Following the release of the data, the euro turned lower against the U.S. dollar, with EUR/USD shedding 0.08% to trade at 1.3580.
Meanwhile, European stock markets turned mixed. The EURO STOXX 50 fell 0.3%, France’s CAC 40 declined 0.35%, London’s FTSE 100 slumped 0.4%, while Germany''s DAX inched up 0.1%.
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