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Italian manufacturing PMI falls to 2-month low of 53.2 in May

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Investing.com -

Investing.com - Manufacturing activity in Italy expanded at a slower pace than expected in May, dampening optimism 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 inched down to a seasonally adjusted 53.2 last month from a reading of 54.0 in April. Analysts had expected the index to fall to 53.7 in May.

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

Commenting on the report, Phil Smith, economist at Markit, said the manufacturing sector was "on course to make a sizable positive contribution to GDP growth in Q2."

Following the release of the data, the euro was lower against the U.S. dollar, with EUR/USD shedding 0.15% to trade at 1.3613.

Meanwhile, European stock markets were mixed. Italy's FTSE MIB rose 0.1%, the Euro Stoxx 50 increased 0.1%, France's CAC 40 dipped 0.2%, London's FTSE 100 inched up 0.2%, while Germany's DAX edged 0.25% 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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