Germany's private sector economy maintained strong growth momentum at the start of the fourth quarter, with inflows of new orders increasing at the fastest rate for six-and-a-half years in October, according to flash PMI survey data from IHS Markit.

Overall business activity rose sharply, albeit at a slightly slower rate than in September, while the pace of job creation accelerated to a five-month high. The survey meanwhile showed a further pick-up in inflation pressures, as average prices charged for goods and services rose at one of the fastest rates seen since mid-2011.

The IHS Markit Flash Germany Composite Output Index was at 56.9 in October, down slightly from September's 77-month high of 57.7, but nonetheless registering one of the highest readings seen since 2011.