Markit's flash composite Purchasing Managers' Index (PMI) for Germany, which tracks the manufacturing and services sectors that account for more than two-thirds of the largest European economy, rose to a two-month high of 55.7 from 54.7 in July. Overall, the IHS Markit composite PMI which summarizes surveys given to over 300 private manufacturing companies and 300 services companies, ticked up by 0.1 points to 55.8, exceeding the forecast of 55.5 and remaining close a multi-year high level of 56.8 reached during April-May. The easing, which was in contrast to expectations for an unchanged reading, came despite further gains in new orders. "Next up are the 0.9250 area and also the 0.9400 region where the 2016 peak was made", remarked the analyst in a note earlier today.
The German 10-year bond yields, which moves inversely to its price, jumped 1-1/2 basis points to 0.41 percent, the yield on 30-year note also climbed 1-1/2 basis points to 1.16 percent and the yield on short-term 2-year traded almost 1 basis point higher at -0.71 percent by 09:40GMT.
Cost pressures increased for the first time since February and output prices rose at the fastest pace for 3 months.
Activity in the U.S. private sector picked up more than expected in August, hitting a 27-month high, but the manufacturing sector unexpectedly deteriorated, according to data released on Wednesday.
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The surprising strength of the index was driven by the powerhouse German industrial sector, which saw accelerating output expansion, despite recent fears from economists that a slowdown might be imminent.
The momentum was mainly underpinned by robust manufacturing growth in Germany and France, where manufacturing PMIs surpassed even analysts' most optimistic predictions. The factory measure climbed to 59.4 from 58.1 and the services equivalent increased to 53.4 from 53.1.
There was a notably strong reading for the German manufacturing release for the month and according to Markit, the data is consistent with GDP growth of close to 0.6%.
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