Mixed revisions to European manufacturing PMIs

Economic calendar for the European morning today was packed with the release of the manufacturing PMIs for September. However, most of those were revisions to flash readings and therefore no major market reaction was expected. Indeed, that was the case with EUR and European indices barely reacting to the data. Revisions themselves were mixed - French data saw an upside revision while German data was revised slightly lower. Index for the whole euro area was confirmed at 43.4. A key takeaway is unchanged - the manufacturing sector in major European economies remains in recession.

Manufacturing PMIs from Europe

• Spain: 47.7 vs 46.5 expected (46.5 previously)
• Italy: 46.8 vs 45.8 expected (45.4 previously)
• France: 44.2 vs 43.6 in first release (46.0 previously)
• Germany: 39.6 vs 39.8 in first release (39.1 previously)
• Euro area: 43.4 vs 43.4 in first release (43.5 previously)

EURUSD moved slightly lower following release of final manufacturing PMI data from Europe although it was mostly continuation of the move that began prior to data release. Source: xStation5