World Bulletin / News Desk
Growth in eurozone business activity grew at its slowest rate for over a year in March, a key survey showed on Thursday, signalling that the economic recovery in the single currency area's was losing momentum.
Analysts at Markit said that the data showed a second successive monthly easing in the eurozone's growth rate after a bumper start to the year. January's PMI had been the highest since June 2006.
A purchasing managers' index (PMI) by Markit data monitoring company IHS Markit fell to 55.3 in March from 57.1 in February. A figure over 50 indicates the economy is expanding.
"While the first quarter average PMI reading remains relatively robust, indicative of GDP rising by 0.7-0.8 percent, the loss of momentum since the buoyant start to the year has been quite dramatic," Chris Williamson of Markit said.
"At least some of the slowing may be ascribed to bad weather in some northern regions and, perhaps more importantly, 'growing pains' resulting from the strength of the recent growth spurt," he added.
The final figure was well below the forecast by financial services company Factset, which predicted 56.8 for March.
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Net profit at the Frankfurt-based group fell 79 percent year-on-year to 120 million euros ($146 million).
BIST 100 index falls by over 2 percent at close, going down some 2,600 points from previous close
Policy rate, also known as one-week repo rate, remains same at 8 percent; lending rate rises 0.75 percent points
BIST 100 increases 0.29 percent; US dollar/Turkish lira exchange rate stands at 4.0850
Local units operating in manufacturing industry work at 77.3 pct capacity in April, says Central Bank
Public sector net borrowing falls by 3.5 billion pounds in 2017-18 financial year, says Office of National Statistics
Indices for service, retail trade, construction sectors fall in current month compared with March: Official data
Data monitoring company IHS Markit also flagged a slight slowdown in France, where strikes were interrupting a resurgent boom on the back of government reforms.
Treasury reports central government debt stock in March rises around 15 pct year-on-year, reaching nearly $235 billion
Sales to foreigners amounted to 1,827, 15.8 pct rise year-on-year, according to official report
BIST 100 slips 0.15 percent; US dollar/Turkish lira exchange rate stands at 4.0460
BIST 100 rises 0.01 percent; US dollar/Turkish lira exchange rate drops to 4.0250
Fresh hopes that Donald Trump and North Korea's leader Kim Jong Un will hold a historic summit within months also provided some much-needed optimism.
The fund cautioned that investors and financial markets expect a steady approach to monetary tightening based on the belief inflation will remain relatively tame.