Euro-zone manufacturing PMI rises to 16-month high

LONDON (MarketWatch)
The euro-zone downturn eased in June, with the manufacturing sector contracting at the slowest pace in 16 months, data from Markit showed on Thursday
The preliminary manufacturing purchasing managers' index for the euro zone rose to 48.7 from 48.3 in May, beating expectations of a 48.4 reading
A reading below 50 signals contraction
The composite output PMI reading climbed to a 15-month high of 48.9 from 47.7 in May, the data showed
The services PMI for the region rose to 48.6, the best reading since March last year
On a country-specific basis, France's manufacturing PMI jumped to a 16-month high of 48.3, while the reading for Germany slipped to the lowest level in two months
"The flash PMI indicates that the euro zone contracted again in June, rounding off another weak quarter, but there are reassuring signs that the downturn is continuing to ease," said Chris Williamson, chief economist at Markit, in a note