Flash PMI indices for December from France and Europe were released this morning at 8:15 am GMT and 8:30 am GMT, respectively. Data came in mixed with both French indices disappointing and both German indices beating estimates. However, even as German data came in above market expectations, both German indices remained below 50 pts, meaning that sectors continue to contract. Also, commentary to French release noted that firms are starting to see deterioration in outlook due to monetary tightening.
France
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Manufacturing: 48.0 vs 48.7 expected (48.7 previously)
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Services: 48.1 vs 49.0 expected (49.3 previously)
Germany
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Manufacturing: 47.4 vs 46.2 expected (46.2 previously)
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Services: 49.0 vs 46.2 expected (46.1 previously)
European indices moved lower following release of French data with DE30 erasing most of daily gains and testing 14,000 pts mark. Some relief came after release of better-than-expected German data but recovery was rather small. EURUSD dipped on the releases but has regained most of the losses since.
DE30 at 5-minute interval. Source: xStation5
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