European Manufacturing Climbs in December

The European manufacturing sector grew in December for the fourth straight month, spurring hopes for the start of an economic recovery in 2004. A survey of 3,000 companies in the 12 countries that share the euro rose to 52.4 from 52.2 in November. It was the highest reading since January 2001. "We can see from the rise in orders that the euro's strength hasn't had its maximum impact on exports yet," Richard Batley, an economist at HBOS in London, told the Bloomberg news service.