- EMU: The final Manufacturing PMI came in at 49.8, aligning with the flash estimate.
- Germany: The final Manufacturing PMI was 49.1 (forecast: 49.2, previous: 49.2). A reading below 50 indicates a continued slight stagnation in the sector, although it is a bit milder than before. This points to stabilization, but the sector is not yet showing broader production growth. While PMIs have rebounded significantly since the beginning of the year, we still haven't seen readings above the 50-point threshold.
- France: The final Manufacturing PMI was 48.2 (forecast: 48.4, previous: 48.4). This is also below the 50 mark, suggesting a further deterioration in sentiment and activity in the manufacturing sector. The pace of decline in new orders was the fastest since January, with exports showing a particularly strong weakening.
Based on the PMI data, the outlook for the European economy's manufacturing sector is one of cautious and uneven recovery. While there are signs of improvement, particularly in smaller economies like Spain and the Netherlands, larger economies are showing mixed results. Germany is experiencing a slow but steady recovery, supported by a rebound in foreign demand and a more stable political environment. In contrast, France is acting as a significant drag on growth, facing renewed deterioration in new orders and heightened political and fiscal uncertainty. The lingering global trade tensions, particularly related to unpredictable US tariff policies, continue to strain supply chains and temper optimism across the board. Overall, the recovery is fragile, and sustainable, widespread growth will depend on greater stability, both politically and commercially, as well as a more robust rebound in domestic demand.
EURUSD and DE40 are not responding to the data. EURUSD is changing direction to south and DE40 is continuing a strong decrease from the beginning of the first session in August. Rather poor sentiment on the market is related to the uncertainty over the global economy after the US has announced a series of global tariffs.
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