Markit Economics released final services purchasing managers' index (PMI) for Germany on Wednesday. Germany's final services purchasing managers' index (PMI) rose to 56.0 in December from 55.6 in November, up from the preliminary reading of 55.4. It was the highest level since July 2014.

The index was driven by a rise in new business.

"The upturn in Germany's service sector continued at the year-end with activity increasing at the strongest rate in nearly one-and-a-half years. Moreover, the combination of strongly rising new business levels and a further accumulation of work outstanding suggests that companies will remain in expansion mode as we move into 2016," an economist at Markit, Oliver Kolodseike, said.