Manufacturing activity in Italy in November expanded at the fastest pace since June 2011, easing concerns over the economic outlook of the euro zone’s third-largest economy, data showed on Monday.
In a report, market research group Markit said that its Italian manufacturing purchasing managers’ index rose to a seasonally adjusted 51.4 in November from a reading of 50.7 in October.
Analysts had expected the index to rise to 50.9 in November.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Following the release of the data, the euro was modestly higher against the U.S. dollar, with EUR/USD easing up 0.01% to trade at 1.3593.
Meanwhile, European stock markets were lower after the open. Italy FTSE MIB 40 tumbled 1%, the EURO STOXX 50 fell 0.4%, France’s CAC 40 declined 0.45%, London’s FTSE 100 slumped 0.45%, while Germany''s DAX inched down 0.45%.
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