2/1, 9:57 AM (Source: TeleTrader)
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Germany's manufacturing PMI slightly better in January

The activity in Germany's manufacturing sector saw a smaller contraction in January versus December, as the Purchasing Managers' Index (PMI) edged a fraction higher to 47.3 from 47.1 last month, S&P Global revealed in its latest report released on Wednesday, marking an increase in each of the past three months.

The monthly publication reported that demand conditions remained challenging but that confidence has grown as pressure around cost decreases.

"After showing serious concern about the outlook only a few months ago, German manufacturers are now cautiously optimistic towards growth prospects over the coming year, with more firms expecting a rise in output than a decline," Phil Smith, Economics Associate Director at S&P Global Market Intelligence commented, adding further that "expectations nevertheless remain historically subdued, amid a backdrop of still-high inflation and economic uncertainty."

Baha Breaking News (BBN) / KB