German index managed to erase most of the recent losses
Release of a flash PMI indices for September is one of the key events of the day in Europe. Readings from France and Germany have already been released. French manufacturing data came in belowĀ expectations, howeverĀ the market saw almost no reaction to this release. However, DE30Ā began to move higher after the German dataĀ was published. German manufacturing PMI dropped more than expected, while services index came in belowĀ expectations.Ā Today's reading indicates a slowdown in the German and euro area economies which makes the introduction of tapering in the old continent unlikely in the near future.
France:
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Open account Try demo Download mobile app Download mobile app- Manufacturing:Ā 55.2 vs 57.0 expected
- Services:Ā 56.0 vs 56.0 expected
Germany:
- Manufacturing:Ā 58.5 vs 61.5 expected
- Services:Ā 56.0 vs 60.2 expected
DE30 ignored weak PMI data for September and moved higher towards resistance at 15800 pts. Source: xStation5
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