BREAKING: DE30 surges after German PMIs

8:38 AM 23 October 2020

German flash PMI data for October was released at 8:30 am BST. Report can be seen as mixed as it showed a major beat in manufacturing and a miss in the services sector.

Manufacturing: 58 vs 55 expected
Services: 48.9 vs 49.4 expected
Composite: 54.5 vs 53.3 expected

However, on a second thought data is not as puzzling as it seems. New coronavirus restrictions impact primarily the services sector as gatherings and dining activities are limited. Meanwhile, manufacturing activity can be carried out in the same manner as after spring lockdowns were lifted. DAX surged above 12,600 pts on the release and trades 0.7% higher on the day.

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DE30 jumped above 12,600 pts and surged towards 12,650 pts following strong manufacturing PMI beat. Source: xStation5

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