Latest PMI data pointed to sustained weakness in the underlying trend in German business activity during November. The Flash Germany Composite Output Index – which is based on approximately 85% of usual monthly replies – registered 49.2 in November, edging up for the second month running and from 48.9 in October, but still one of the lowest readings over the past six-and-half years. Elsewhere, employment levels steadied after falling in October, while expectations towards output edged back into positive territory. Manufacturing remained the main area of weakness in November. That said, the sector’s drag on overall ... (full story)