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16 Dec 2014
Eurozone private activity gains momentum at the year end
FXStreet (Mumbai) - The preliminary HSBC Eurozone Manufacturing Purchasing Manager’s Index (PMI) for December came-in at 50.8, against the expectation of 50.5, and up from the previous month’s print of 50.1.
The Eurozone Services activity index rose to a two-month high of 51.9, up from November’s 51.1. Consequently the preliminary composite PMI index rose to two-month high of 51.7 in December.
The details revealed new orders in manufacturing rose for a first time in four months, while the backlogs for composite activity declined for seventh consecutive month. Input price inflation cooled down to eight-month low, while the output prices declined for the thirty-third month.
As per Chris Williamson, Chief Economist at Markit, “On one hand, the upturn in the PMI supports the view that the ECB’s stimulus is starting to take effect and that more time is needed to assess the impact of current measures. On the other hand, the disappointing rate of expansion, and especially the weakness evident in Germany and France, will add to calls for additional stimulus to be sanctioned without further delay.”
The Eurozone Services activity index rose to a two-month high of 51.9, up from November’s 51.1. Consequently the preliminary composite PMI index rose to two-month high of 51.7 in December.
The details revealed new orders in manufacturing rose for a first time in four months, while the backlogs for composite activity declined for seventh consecutive month. Input price inflation cooled down to eight-month low, while the output prices declined for the thirty-third month.
As per Chris Williamson, Chief Economist at Markit, “On one hand, the upturn in the PMI supports the view that the ECB’s stimulus is starting to take effect and that more time is needed to assess the impact of current measures. On the other hand, the disappointing rate of expansion, and especially the weakness evident in Germany and France, will add to calls for additional stimulus to be sanctioned without further delay.”