Euro zone business activity in August was at its strongest level since June 2011, figures released on Wednesday showed, offering hope that the region is on its way to a sustainable recovery.
Markit’s Eurozone Composite Purchasing Managers Index (PMI) will add to the case for the European Central Bank (ECB) to leave interest rates on hold when it meets on Thursday.
The figure came in at 51.5 for August, up from 50.5 in July.
Sony Kapoor, managing director at international think tank Re-Define, warned however that the figures were hardly outstanding.
“It was hard to sink lower than we were so it’s got to be put in perspective that we’re starting from a bad base — and there’s reason to question how solid the base of this recovery is,” he told CNBC.
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