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Euro zone manufacturing PMI improves to 13-month high in May

Published 21/05/2015, 09:04
© Reuters. Euro zone manufacturing PMI improves more than expected in May
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Investing.com - Manufacturing activity in the euro zone expanded at the fastest pace in 13 months in May, fuelling optimism over the region’s growth outlook, preliminary data showed on Thursday.

In a report, market research group Markit said that its preliminary manufacturing purchasing managers’ index rose to a seasonally adjusted 52.3 this month, up from a final reading of 52.0 in April. Analysts had expected the index to hold steady at 52.0 in May.

Meanwhile, the preliminary services purchasing managers’ declined to 53.3 this month from 54.1 in April and below expectations for a reading of 53.9.

The seasonally adjusted Markit Flash Euro Zone Composite Output Index, which measures the combined output of both the manufacturing and service sectors fell from 53.9 in April to 53.4 in May, missing forecasts for 53.8.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

Commenting on the report, Chris Williamson, Chief Economist at Markit said that, “The average PMI reading for the second quarter so far points to GDP growth similar to the 0.4% expansion seen in the first three months of the year. This suggests the region is on course to expand by around 2.0% this year, which would be the best performance since 2010."

EUR/USD was trading at 1.1147 from around 1.1138 ahead of the release of the data, while EUR/GBP was at 0.7159 from 0.7157 earlier.

Meanwhile, European stock markets remained mostly lower. The EURO STOXX 50 shed 0.5%, Germany's DAX slumped 0.5%, France’s CAC 40 declined 0.3%, while London’s FTSE 100 increased 0.1%.

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