European stocks drop despite solid PMIs

German and French releases of flash PMIs for July turned out to be solid. While French reading showed a very strong beat in services and small miss in manufacturing, German print showed strong beats in both sectors. A point to note is that almost all gauges has moved into expansion territory (German manufacturing is neutral). Nevertheless, European stock indices deepened drop after release.

France

Services: 57.8 vs 52.3 expected
Manufacturing: 52.6 vs 53.2 expected

Germany

Services: 56.7 vs 50.5 expected
Manufacturing: 50 vs 48 expected

DE30 approaches 12,800 pts area in spite of solid PMIs from Europe. Source: xStation5

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