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French Business Activity Nears Six Year High

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business activity surged passed expectations in February to near a six-year high, led by resurgent services, unfazed by political uncertainty two months from a presidential election, a monthly poll showed on Tuesday.

Data compiler IHS Markit said its preliminary composite purchasing managers index jumped to 56.2 in February from 54.1 in January, reaching the highest level since May 2011.

The increase beat economists’ expectations for a decline to 53.7 according to a Reuters poll, and marked the eight month in a row the index has been above the 50-point threshold dividing an expansion from a contraction in activity.

Reuters

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Sleepwalking

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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