Preliminary PMIs from France and Germany have been released at 8:15 am BST and 8:30 am BST, respectively. Readings echoed what we saw in flash PMIs from Australia and Japan - big drops in the services sector. Below are released figures.
France
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Manufacturing: 31.5 pts (exp. 37 pts)
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Services: 10.4 pts (exp. 24.5 pts)
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Composite: 11.2 pts (exp. 24.5 pts)
Germany
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Manufacturing: 34.4 pts (exp. 39 pts)
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Services: 15.9 pts (exp. 28 pts)
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Composite: 17.1 pts (exp. 15.9 pts)
Stocks deepened declines after French release and DAX is now trading negative on the day. EUR also took a hit with EURUSD dropping below 1.08 handle for the first time since April 7.
Reading for the whole euro area will be released at 9:00 am BST but it should not have much impact on the markets. UK reading at 9:30 am BST is likely to provide more volatility for GBP.
EURUSD dropped below 1.08 after disastrous services PMI from France. Source: xStation5
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