According to Markit, October data highlighted a solid rise in private sector output in Germany. The Markit Flash Germany Composite Output Index recovered from September's 16-month low of 52.8 and posted 55.1, thereby signalling an acceleration in the rate of growth.

Moreover, underlying data revealed that faster expansions were recorded at both manufacturers and service providers. The increase in overall activity was supported by the sharpest rise in new business this year so far. Demand for German services picked up, having increased only marginally in the prior month.

Meanwhile, new orders placed with manufacturers continued to rise at a solid pace. Part of the increase was attributed to stronger demand from foreign clients, with Asia and the US mentioned specifically as sources of export growth.