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Analysts had on average expected a slight contraction to 58.7 for the month.

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GDP rose by 1% for 2017 as a whole, a turnaround after contractions of 3.5% in each of the previous two years.

The Brazilian economy grew in every quarter of the year, according to official data published yesterday.

An antitrust decision still due from China is one of the last major hurdles.

The Institute for Supply Management's manufacturing PMI reached 60.8 in Feb., a 1.7 percentage point rise from January's 59.1.

Manufacturing businesses in the eurozone are increasingly struggling to keep up with demand as the sector's long boom creates supply bottlenecks and signs of overheating.