FXStreet (Delhi) – Paul Fage, Senior Emerging Markets Strategist at TD Securities suggests that the French, German, and euro area PMIs were out this morning, all broadly in line with market and our expectations. But the headline numbers masked some divergent stories in the underlying details.
Key Quotes
“France services PMI came out as expected at 51.2, but some of the details are weak: labour shedding accelerated to the sharpest rate in almost a year, and confidence slipped (not a huge surprise given market volatility and the refugee crisis).”
“German manufacturing PMI at 52.5 was also largely in line with the half percent decline that both us and the market had expected. Here, the underlying details were strong: firms noted the positive economic environment and improved demand from both domestic and foreign markets, with a second monthly rise in new export orders. Employment was also stronger in September. The Q3 figure puts Germany on track for growth of about 0.3-0.4% q/q.”
“Finally, the euro area aggregate composite PMI showed a small step back as expected (to 53.9 from August’s 54.3.”
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