Flash PMI indices for August from major European economies were released this morning. Data from France released at 8:15 am BST turned out to be disappointing with services gauge missing expectations and manufacturing print coming more or less in-line with market consensus. Reading from Germany can be seen as mixed with manufacturing gauge beating market expectations and services index missing them.
France:
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Manufacturing: 49.0 vs 48.9 expected (49.5 previously)
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Services: 51.0 vs 52.5 expected (53.2 previously)
Germany
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Manufacturing: 49.8 vs 48.3 expected (49.3 previously)
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Services: 48.2 vs 49.0 expected (49.7 previously)
Market reaction to PMI releases was minor. Euro and equities ticked higher following release of French data although the scale of moves was rather small. EUR jumped following German release this brief jump was quickly erased. Overall, flash PMIs showed that situation in euro area is deteriorating - manufacturing indices remain in contraction territory while services indices are approaching it.
DE30 managed to erase earlier drop and is now trading higher on the day. PMIs provided a small lift for the index but scale of moves was rather insignificant. Index tries to stay above support zone ranging above 13,130 pts mark. Source: xStation5
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