French manufacturing PMI falls to 4-month low of 49.4 in October
Investing.com
Published Oct 24, 2013 03:04AM ET
In a report, market research group Markit said that its preliminary French manufacturing purchasing managers’ index declined to a seasonally adjusted 49.4 in October from a reading of 49.8 in September.
Analysts had expected the index to rise to 50.1 this month.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Meanwhile, the report showed that service sector activity in France declined to 50.2 this month from 51.0 in September. Analysts had expected the index to ease up to 51.3.
Commenting on the report, Jack Kennedy, Senior Economist at Markit said, “The French private sector economy delivered a flat performance at the start of Q4, as a slower fall in manufacturing output offset a softer showing from the service sector. “
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD inching up 0.2% to trade at 1.3804.
Meanwhile, European stock markets were higher after the open. The EURO STOXX 50 rose 0.3%, France’s CAC 40 added 0.3%, London’s FTSE 100 eased up 0.2%, while Germany's DAX edged 0.5% higher.
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