Europe's factories are steaming ahead

It's manufacturing PMI day in Europe, meaning we get a snapshot of how factories across Europe are doing.

Purchasing managers' index readings for the manufacturing sector in December are rolling in this morning.

The figures, each somewhere between 0 and 100, give an idea of whether a country's manufacturing sector is growing or contracting. Anything above 50 signals growth, anything below means contraction.

The picture is a good one, with Italy and Germany beating forecasts, and Spain and France holding up pretty well.

Here's what we've got so far:

• Spain: 53, down from 53.1 in November;
• Italy: 55.6, up from 54.9 in November;
• France: 51.4, down from 51.6 in November;
• Germany: 53.2, against forecasts of 53.