WELLINGTON, Aug 12 (Reuters) – Manufacturing activity in New Zealand expanded in July, but the manufacturing index remains short of its longterm average, a survey showed on Friday.
The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) nudged up to 52.7 from June's reading of 50.
A reading above 50 indicates an expansion in activity, while anything below that threshold indicates a contraction. The index's longterm average is 53.1.
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Spain's energy minister said European leaders meeting in Prague on Friday were nearing consensus on an EU gas pricing system that would create an alternative to the current benchmark and effectively cap prices.
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