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Eurozone business activity improves in November
27-11-2015 16:49
Eurozone business activity improves in November
Eurozone business activity improves in November

According to the report prepared by Markit Economics, in November the growth rate of the eurozone’s business activity and employment reached its peak since May 2011. The purchasing managers’ index (PMI) climbed from 53.9 in October to 54.4 while experts had projected a rise to 54 points. The services PMI also came above expectations and scored 54.6 against 54.1 clocked in October, hitting its high in 4.5 years. In the manufacturing sector, the business activity gauge advanced to 52.8 in November compared to 52.3 printed a month earlier, reaching the strongest reading in 19 months. However, France’s business activity remains subdued as the country’s composite PMI fell from 52.6 in October to 51.3 points. This downside dynamics can be attributed to the recent terrorist attacks committed in Paris. The most significant decline was seen in both the services and manufacturing sectors. The services PMI in France slid from 52.7 to 51.3 points while the manufacturing purchasing managers’ index edged up from 50.6 to 50.8. In Germany, business activity picked up speed in November. The composite PMI touched the highest mark since August as the indicator increased from 54.2 in October to 54.9 points. At the same time, the manufacturing PMI climbed from 52.1 to 52.6. The services index displayed a similar trend as it inched higher to 55.6 from 54.5 posted earlier. Last Friday, President of the European Central Bank Mario Draghi confirmed that the regulator would re-examine the size and timing of its stimulus program at the policy meeting in December. Chris Williamson, chief economist at Markit, believes that the PMI’s improvement in November is quite unlikely to dissuade policymakers that more needs to be done to ensure stronger economic growth.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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