German manufacturing PMI falls to 6-month low of 52.9 in May
Investing.com
Published May 22, 2014 03:33AM ET
German manufacturing PMI falls more than expected in May
Investing.com - Manufacturing activity in Germany expanded at the slowest rate in six months in May, dampening optimism over the health of the euro zone’s largest economy, preliminary data showed on Thursday.
In a report, market research group Markit said that its preliminary German manufacturing purchasing managers’ index fell to a seasonally adjusted 52.9 this month, down from a final reading of 54.1 in April. Analysts had expected the index to inch down to 54.0 in May.
Meanwhile, the preliminary services purchasing managers’ index improved to a 35-month high of 56.4 this month, up from a reading of 54.7 in April. Analysts had expected the index to ease down to 54.5 in May.
A reading above 50.0 on the index indicates industry expansion, below indicates contraction.
Commenting on the report, Ollver Kolodselke, Economist at Markit said, “Survey data for the second quarter so far suggest that we should expect another period of solid growth of GDP.”
Following the release of the data, the euro trimmed losses against the U.S. dollar, with EUR/USD shedding 0.07% to trade at 1.3676, compared to 1.3665 ahead of the data.
Meanwhile, European stock markets were higher after the open. Germany's DAX picked up 0.3%, the Euro Stoxx 50 rose 0.2%, France’s CAC 40 eased up 0.1%, while London’s FTSE 100 added 0.3%.
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Written By: Investing.com
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