Today, final European manufacturing PMIs came in mostly stronger than expected, while the biggest 'gap' between analysts' expectations and final reading was in Spain, where industrial PMI jumped to more than 53 vs 50.2 exp. and 50.5 previously. Italian PMI missed the expectations by 0.7 points with France beating expectations by 0.6 points. The scale of surprise for Germany is lower, however PMI managed to be 0.3 points higher than expected. Euro weakens against US dollar as European final PMIs readings came in better than expected (except for Italy). The scale of positive surprise in Germany is quite low.
- 8:15 AM BST, Spain, final manufacturing PMI for September: 53 vs Expected 50.2 Previously. 50.5
- 8:30 AM BST, Switzerland, final manufacturing PMI for September: 49 vs Expected 48 Previously. 49
- 8:45 AM BST Italy, final manufacturing PMI for September: 48.3 vs Expected 49 Previously. 49.4
- 8:50 AM BST, France, final manufacturing PMI for September: 44.6 vs Expected. 44 Previously. 44
- 8:55 AM BST Germany, final manufacturing PMI for September: 40.6 vs Expected 40.3 Previously. 40.3
- 09:00 AM BST, Eurozone, final manufacturing PMI for September: 45 vs Expected. 44.8 Previously: 44.8
Despite PMI data being above expectations, the indicator is still in economic contraction territory. This once again gives traders a message, that ECB might decide to lower the rates faster.
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