Eurozone Business Growing at Fastest Rate This Year

Euro zone business expanded at the fastest rate this year in November, thanks to strong activity at manufacturers and a spike in new orders, even as firms generally held prices steady, a survey showed on Wednesday.

The strong run of data offers some hope that the economy may be at the start of a more solid cyclical upturn and will be welcome news for the European Central Bank, which is still likely to announce next month an extension to its massive stimulus programme.

IHS Markit’s euro zone flash composite Purchasing Managers’ Index, seen as a good overall growth indicator, jumped to 54.1 from October’s 53.3, the highest reading this year and just shy of last December’s 54.3. It was far above the 50 point line indicating growth in activity.

Reuters

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.