German manufacturing PMI up to 43.8 from 42.1
German services PMI down to 51.3 from 51.6
French manufacturing PMI up to 51.6 from 50.7
French services PMI flat at 52.9
Flash European PMIs are the key highlight this Friday. After a long period of weak business sentiment investors hoped that business conditions would eventually improve. This improvement was observed in manufacturing: PMI climbed to 51.6 points in France and to 43.8 points in Germany. For both it was the highest level since June and partly fueled by higher new orders (certainly a positive development). Services PMIs disappointed a bit but these moves are not major. Although composite PMI for the whole EMU could be below the consensus, an improvement in manufacturing is the most important takeaway.
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At long last? German manufacturing shows some life in November. Source: Macrobond, XTB Research
There’s a long way to go, though. German manufacturing sentiment is still at depressed levels and this recovery needs to be sustained for few months to ensure that recession risks fade.
We’ve seen 2 failed breakout attempts lately on DE30. Is the data enough to trigger a bigger move? Source: xStation
Traders should watch for more PMIs today: first ever flash PMIs for the UK (9:30 GMT) and more importantly – flash US PMIs (2:45pm GMT).
