Eurozone data have confirmed what the market was able to grasp from French and German data. Both manufacturing and composite PMIs are in contraction. Only services were able to be slightly above contraction territory with 50.5 and 1.8 points lower from expectations. Euro continues to fall on the news.
French data turned out to be worse than expected - manufacturing PMI missed expectations, while services index showed a big decline, from 55 in August to 48.3 in September. EUR and European indices slumped following the release.
German data turned out to be a disappointment, with both indices missing expectations. However, the services sector managed to remain in expansion territory. EUR and indices from the Old Continent moved lower following release of German data.
Eurozone, flash PMIs for September
- Manufacturing: 44.8 vs 45.7 expected (45.8 previously)
- Services: 50.5 vs 52.3 expected (52.9 previously)
- Composite: 48.9 vs 50.5 expected (51 previously)
France, flash PMIs for September
- Manufacturing: 44 vs 44.2 expected (43.9 previously)
- Services: 48.3 vs 53.1 expected (55 previously)
- Composite: 47.4 vs 51.5 expected (53.1 previously)
Germany, flash PMIs for September
- Manufacturing: vs 42.3 expected (42.4 previously)
- Services: vs 51 expected (51.2 previously)
- Composite: vs 48.2 expected (48.4 previously)
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