Stock markets in Europe started February in mixed moods despite upbeat PMI figures.
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German S&P Global Manufacturing PMI was revised slightly higher to 47.3 in January from a preliminary of 47.0, but continued to point to a seventh straight month of falling factory activity. The biggest drag came again from new orders, amid high stock levels among customers, elevated prices and investment reticence. New exports orders, which firms indicated were impacted in part by weaker demand from China, showed a similar trend. Production shrank at the same pace as in December while employment rose for a twenty-third straight month although at a slower pace, and supplier delivery times improved for a third month. Meanwhile, input cost inflation slowed to the lowest in 27 months while average charges rose slightly faster. Finally, business expectations turned positive for the first time since February of 2022.
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The S&P Global France Manufacturing PMI was revised lower to 50.5 in January, from a preliminary estimate of 50.8 and compared with December's final reading of 49.2. Still, today's figure pointed to the first month of expansion in the sector since last August, at a rate that was only marginal, helped by a rebound in employment and a softer decrease in new orders.
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The S&P Global Spain Manufacturing PMI rose further to 48.4 in January from 46.4 in the previous month and above analysts’ estimates of 48.0.
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The S&P Global Italy Manufacturing PMI rose to 50.4 in January from 48.5 in December, well above market projections of 49.6 to mark the sector’s first expansion since June of 2022.
DE30 launched today's session higher, however buyers were unable to break above the resistance at 15,235 pts, which led to a sharp pullback. Nearest key short-term support is located around 15,160 pts, the breaking of which could lead to acceleration of the downward move. Source: xStation5
