Eurozone buying index rises

Activity in the manufacturing and service sectors of the 16 eurozone countries firmed for the fifth month running in August while still contracting, a key survey of buying managers showed on Wednesday.
The index of purchasing managers' activity in the manufacturing and services sectors by the Markit survey company put the index at 47.0 points, higher than an earlier estimate and topping the 44.6 recorded in June.
It is the highest reading since August 2008, with the figures buoyed by near-stabilisation in Germany.
However, output has now fallen for 14 months in what has been by far the longest and deepest downturn in the 11-year history of the PMI survey.
Germany, Europe's industrial powerhouse, enjoyed a record rise in its index figures, allowing the eurozone as a whole to post the higher-than expected figures.