Forex News: PMI Sees Euro-Zone Output Rebounding From 3-Year Low

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THE TAKEAWAY: Euro-zone composite PMI index rebounds to 45.8 -> Markit sees worsening economic contraction in Q4 -> Euro is trading slightly higher

Euro-zone composite output has rebounded from a 3-year low in November, according to Markit’s first estimate of the Purchasing Managers’ Index. The PMI for composite output was reported at 45.8, slightly higher than expectations for the preliminary index to remain unchanged from October’s 45.7 composite output. A PMI below 50.0 indicates a drop in activity, and Euro-zone composite output has fallen for 14 of the last 15 months.

The PMI for manufacturing in the Euro-zone hit an eight month high at 46.2, thereby beating expectations for 45.6. The index saw services activity contract at the fastest pace in 40 months, according to the PMI, which came in at 45.7, and disappointed expectations for 46.0.

New business fell in the Euro-zone at one of the fastest rates since mid-2009. Sentiment dropped sharply in Germany, while improving slightly in France. Employment fell across the region for the eleventh successive month according to Markit.

for more :dailyfx.com

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