November PMI survey data showed a further slowdown in growth of Germany’s private sector, with output of goods and services rising the least in almost four years and the pace of job creation also moderating. New order growth eased closer to stagnation amid a further decrease in new exports, which was in turn reflected in a weakening of business expectations. On the price front, the rate of inflation of charges for goods and services eased to six-month low, though still remained elevated by historical standards. Businesses continued to report strong cost pressures, linked in part to rising fuel and energy prices.

The IHS Markit Flash Germany Composite Output Index fell for the third month in a row in November, down from 53.4 in October to a 47- month low of 52.2.