French business activity contracts at faster pace

|By:, SA News Editor

French flash manufacturing PMI has slipped to 48.5 in February from 49.3 in January and missed consensus of 49.3.

Services dropped to 46.9 from 48.9 and vs 49.4.

Manufacturing output increased to 50.5 from 48.8.

Composite output slipped to 47.6 from 48.9.

While the contraction in French business activity accelerated, there were some positive developments, says Markit, including the confidence of service providers rising to a 23-month high.

The CAC 40 (EWQ) is -0.8%. (PR)