Revisions to European manufacturing PMIs for August, released last week, were quite significant. Because of that market was wondering whether revisions to services PMIs scheduled for today will also show any surprise. The picture painted by final services readings from Europe turned out to be mixed:
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Germany: 47.4 vs 49.7 previously (flash reading: 48.2)
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France: 51.2 vs 53.7 previously (flash reading: 51.0)
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Italy: 50.5 vs 48.6 previously (expected: 48.2)
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Spain: 50.3 vs 52.8 previously (expected: 52.9)
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Euro area: 49.8 vs 51.2 previously (flash reading: 50.2)
As one can see, improved readings from France or Italy were unable to offset services weakness elsewhere, leading to a drop of Euro area services PMI into contraction territory (below 50 points). The poorest moods can be seen in Germany but it should not come as a surprise given the unfolding energy crisis in Europe and high dependance of the German economy on Russian gas. However, energy issues are likely to intensify as we get closer to the winter so the real scope of pain to the European economy remains to be seen.
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DE30 tried to recover some of Friday's drop at the start of the European cash session today but this bounce is currently fading. Source: xStation5
