German factory activity hits 25-month high

|By:, SA News Editor

German flash manufacturing PMI has risen to a 25-month high of 52 in August from 50.7 in July and topped consensus of 51.1. Services 52.4 vs 51.3 and 51.7. Manufacturing output 55.3 vs 53.8 in July. Composite output 53.4 vs 52.1.

"The survey provides confirmation that Germany’s economy is back on a solid footing and likely to remain in expansion through the third quarter of 2013," says Markit. "Manufacturing was an especially bright spot in August...A rebound in export orders helped output growth accelerate to its strongest for over two years."

German shares +1.1%. (PR)

ETS: FGM, EWG, GERJ, EWGS, DBGR, BUNL, BUNT, BUND, GGOV.