BREAKING: German service sector under pressure - PMI data

08:15 am BST: France, PMI index for services and manufacturing for October.

Manufacturing. Actual: 42,6. Forecast: 44.8. Previously: 44,2.
Services. Actual: 46,1. Forecast: 44.6. Previously: 44,4.
Composite PMI. Actual: 45.3. Forecast:44.6. Previously: 44.1

08:30 am BST: Germany, PMI for services and manufacturing index for October.

Manufacturing. Actual: 40,7. Forecast: 40.0. Previously: 39,6.
Services. Actual: 48.0. Forecast: 50.0. Previously: 50,3.
Composite PMI. Actual: 45.8. Forecast:46.7. Previously: 46.2

Today's PMI data reading does not come out very optimistic. In this regard, attention turns to services in Germany, where the reading came in well below expectations.

"October’s survey highlighted continued downward pressure on demand for goods and services, with overall inflows of new business posting the steepest decline since May 2020. Indeed, services firms reported their worst sales performance for almost three-and-a-half years, which they attributed in part to client hesitancy and tighter financial conditions. The decline in manufacturing new orders, although still sharp, eased to the weakest since June." - comment from S&P Global report

Source: xStation

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