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.
Investing.com offers an extensive set of professional tools for the financial markets.
Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.