Euro zone businesses have begun the year by battling back into growth territory after four months of decline, according to a closely watched survey that suggests the region has a fighting chance of avoiding a slide back into recession.

Markit’s euro zone purchasing managers’ report for January, published earlier this week, showed that the 17-member bloc was bolstered by German resilience. The euro zone’s largest economy has weathered the inclement climate of the region’s debt crisis much better than most other member states since it emerged in July 2011.

Analysts responded to the news with optimism tempered by a powerful dose of caution. Stella Wang, an economist at Nomura in London, described the survey as “a good start to 2012” but warned that it was “too early to sound the all clear.”....

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