📈DE30 gains after weak German PMIs❗

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 below expectations, however the market saw almost no reaction to this release. However, DE30 began to move higher after the German data  was published. German manufacturing PMI dropped more than expected, while services index came in below expectations. 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:

• Manufacturing: 55.2 vs 57.0 expected
• Services:  56.0 vs 56.0 expected

Germany:

• Manufacturing:  58.5 vs 61.5 expected
• Services:  56.0 vs 60.2 expected

DE30 ignored weak PMI data for September and moved higher towards resistance at 15800 pts. Source: xStation5