Manufacturing activity in Germany fell at a slower pace in September, with the advanced PMI reading rising to 49.6 from 49.2 in the previous month, while service-based activity expanded at a slower pace during the same period as the PMI unexpectedly slipped to 52.2 from 53.8 in August. At the same time, the manufacturing PMI for the Euro-Zone increased to 49.0 from 48.2, with the services PMI advancing to 50.6 from 49.9, while the composite reading tipping higher to 50.8 from 50.4 amid expectations for a rise to 51.3. The data encourages an enhanced outlook for the region and conditions should continue to improve over the coming months as policy makers take unprecedented steps to stimulate the ailing economy however, the European Central Bank is likely to hold a dovish tone going into the following year as Governing Council member Ewald Nowotny anticipates an L-shaped recovery in the Euro-Zone.
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