BREAKING: German manufacturing PMI beat supports DE30

Flash PMI indices for May from France and Germany were released at 8:15 am BST and 8:30 am BST, respectively, this morning. Data release came after PMIs from Australia and Japan showed a deteriorating situation in the manufacturing sector in May. The same was expected from European releases. While this was the case for French release, German manufacturing reading not only beat expectations but also managed to improve compared to previous month. Nevertheless, both French and German data missed services expectations. This reflects current state of the global economy quite well - while services are no longer constrained by the pandemic restrictions, supply chain issues continue to negatively impact manufacturing. However, we should remember that both French and German PMIs remain in expansion territory.

France

Manufacturing: 54.5 vs 55.1 expected (55.7 previously)
Services: 58.4 vs 58.7 expected (58.9 previously)

Germany

Manufacturing: 54.7 vs 54.0 expected (54.6 previously)
Services: 56.3 vs 57.2 expected (57.6 previously)

While French PMIs missed expectations, the scale of this miss was small and therefore no major market reaction could be spotted in the aftermath. Indices and EUR moved just slightly lower but common currency quickly resumed upward move. DE30 recovered some ground following German data release that showed a manufacturing beat.

DE30 tries to hold above 14,000 pts this morning. Source: xStation5

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BREAKING: German manufacturing PMI beat supports DE30

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