Mubasher: Eurozone manufacturing activity extended its growth slowdown in the beginning of the fourth quarter of 2018, remaining well below the highs seen around the turn of the year.

The final IHS Markit Eurozone purchasing managers’ index (PMI) came in at 52 in October, broadly unchanged from the preliminary reading of 52.1, and down from the final 53.2 in September, a report from IHS Markit said.

“The headline PMI fell to its lowest since August 2016, signalling a further slowing in the rate of expansion,” IHS Markit chief business economist Chris Williamson said.

Intermediate goods manufacturers recorded worst concurrent falls in production, new orders and exports, while consumer goods producers saw resilient rises in both output and new work.

Manufacturing growth in Italy registered the lowest level in four years during October, while expansion in Germany was the lowest since almost two years and a half.

Modest gains were seen in French and Spanish manufacturing sectors during the month.

By 9:56 am GMT, the EUR/USD pair rose 0.29% to $1.1441.