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German construction activity near 7-year high in January

An unusually warm January pushed German construction sector activity to its highest level since March 2011, while new orders for constructors also increased for the second consecutive month, purchasing managers' data from IHS Markit showed.

The headline seasonally adjusted Purchasing Managers' Index reached 59.8 in January, up from 53.7 figure in the prior month.

The rates of expansion for housing and commercial activity were among the fastest on record for January, while the level of work on civil engineering projects also increased after contractions in the last two months of 2017.

Job creation and subcontractor usage also expanded.

Business confidence rose to a six-month high, but average prices purchases increased steeply.

"We could see some payback in the coming months due to work having been brought forwards, but there's enough in the data to suggest the longer-term prospects for the sector are bright," Phil Smith, principal economist at IHS Markit, said.