BREAKING: EUR drops after French and German PMIs

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Flash PMI indices for August from France and Germany were released today at 8:15 am BST and 8:30 am BST, respectively. Data was expected to show manufacturing sector indices in both countries remaining in contraction territory (below 50 points), while services sector indices were expected to remain in expansion territory (above 50 points).

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.

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: 40.3 vs 42.3 expected (42.4 previously)
Services: 50.6 vs 51 expected (51.2 previously)
Composite: 47.2 vs 48.2 expected (48.4 previously)

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