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Eurozone economic activities accelerate in October

Eurozone economic activities accelerate in October

The final Purchasing Managers’ Index data released on Wednesday showed an acceleration in euro area business activities in October, thanks to improvement in the services sector.

The Composite PMI index of manufacturing and services rose from 50.1 in September to 50.6 in October, up from both preliminary and expected readings of 50.2, according to IHS Markit data.

While the manufacturing sector has signaled its ninth straight monthly decline in production in October, the services PMI widened growth to 52.2 from 51.6 in September. However, the services reading is considered the second lowest since January.

“Weakness was centered on the manufacturing economy, where another marked fall in new orders was recorded … Overall exports were down for a thirteenth successive month, with the rate of decline amongst the sharpest in the series history,” Markit’s report said.

In France, economic activities widened expansion to 52.6 from 50.8, whilst Germany’s composite index remained in contraction despite the slight rise to 48.9 from 48.5.

As of 09:42 GMT, the euro traded higher versus the U.S. dollar at 1.1090, set for its first daily advance in three sessions.

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