French business activity firmer than expected in October: PMI

FILE PHOTO: The financial district of La Defense is seen during sunset near Paris, France, September 25, 2018. REUTERS/Christian Hartmann

Data compiler IHS Markit said its preliminary composite purchasing managers index rose to 52.6 points from 50.8 last month, topping economists’ average estimate for 51.0. The improvement was driven by the dominant service sector where the index rose to 52.9 from 51.1, easily beating expectations for 51.6.

The service sector saw a pick up in new business, in a sign of firm demand in the domestic French economy, which has so far held up well despite the global slowdown in the face of international trade tensions.

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