Flash PMIs for October are key points in today's economic calendar. As usual, focus in Europe was mostly on releases from France and Germany. French data came in mixed with manufacturing reading dropping less than expected and manufacturing gauge taking a slightly bigger hit than market thought. Similarly mixed situation was with German data, services gauge beat expectations while manufacturing missed. However, German manufacturing print missed quite significantly. Nevertheless, the key takeaway is that the manufacturing sector keeps contracting in both France and Germany.
France
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Manufacturing: 47.4 vs 47.1 expected (47.7 previously)
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Services. 51.3 vs 51.5 expected (52.9 previously)
Germany
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Manufacturing: 45.7 vs 47.0 expected (47.8 previously)
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Services: 44.9 vs 44.7 expected (45.0 previously)
Euro and European indices started to pull back after the launch of the cash session on the Old Continent and French releases added fuel to the move. Some relief came after mixed German data but the move lacked momentum. DE30 is trying to stay above 12,800 pts handle while EURUSD moved below 0.9850.
DE30 erased most of the daily gains after mixed French PMIs. Index regained some ground after mixed German reading and is trying to stay above 12,800 pts handle. Source: xStation5
