A range of manufacturing PMI indices for August from European countries was published this morning. Most of them were revisions of the flash data released in late-August therefore investors did not pay as much attention to them. However, there were some significant revisions, which is rather unusual.
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Final Spanish manufacturing PMI came in at 49.9, better than flash reading of 48.7 and higher than expected 48.5
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Final French manufacturing PMI climbed back above 50, more precisely to 50.6. Flash reading was reported at 49.0 and market expected no revision
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Final German manufacturing PMI turned out to be worse than flash reading, coming in at 49.1 (flash: 49.8)
In spite of significant improvement in final data from Spain and France, the final index for whole euro area came in at 49.6, compared to 49.7 in initial reading. When it comes to Germany, moods are impacted by uncertainty over energy supplies as shortages would definitely lead to a drop in economic activity in the winter period.
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Source: S&P Global
DE30 saw little reaction to the release, as is usually the case for final readings. The German index continued to move lower throughout the European morning trade but started to regain some ground around noon. However, DE30 continues to trade below the 78.6% retracement of the upward move launched at the turn of June and July.
Source: xStation5
