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German manufacturing PMI rises to 51.5 in October

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Investing.com - " Manufacturing activity in Germany expanded broadly in line with expectations in October, but activity in the services sector grew at the slowest pace in three-months, preliminary data showed on Thursday.

In a report, market research group Markit said that its preliminary German manufacturing purchasing managers' index inched up to a seasonally adjusted 51.5 in October from a final reading of 51.1 in September.

A reading above 50.0 on the index indicates industry expansion, below indicates contraction.

Meanwhile, the report showed that service sector activity in Germany declined unexpectedly to hit a three-month low in October.

The preliminary services purchasing managers' index fell to a seasonally adjusted 52.3 this month from a reading of 53.7 in September. Analysts had expected the index to ease up to 53.9.

Commenting on the report, Tim Moore, Senior Economist at Markit said, "A slower rate of expansion in services activity meant that overall growth eased slightly from the trend recorded over the third quarter."

Following the release of the data, the euro trimmed gains against the U.S. dollar, with EUR/USD inching up 0.04% to trade at 1.3783.

Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 rose 0.7%, France's CAC 40 added 0.5%, London's FTSE 100 eased up 0.4%, while Germany's DAX edged 0.6% higher.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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