Euro zone business activity unexpectedly grew at a faster pace in October as companies received new orders at the quickest rate in 2-1/2 years. The HCOB Flash Eurozone Composite PMI, compiled by S&P Global, rose to 52.2 in October from 51.2 in September, marking the tenth consecutive month of expansion and reaching a 17-month high.
Services activity led the euro zone's expansion, with its PMI climbing to 52.6 from 51.3 in September, reaching a 14-month high.
Manufacturing output grew marginally faster at 51.1 compared with 50.9 last month, though the sector's headline PMI sat at 50.0 having risen from 49.8 in September, better than the expected no change from last month.
In France, activity declined faster than expected as demand for goods and services in the euro zone's second-biggest economy weakened further amid a volatile political climate. But in Germany, Europe's largest economy, the private sector recorded its strongest growth in nearly 2-1/2 years, buoyed by a robust rise in services activity.
Despite the improved activity, business confidence dipped to a five-month low, suggesting firms remain cautious about future prospects.
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