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German PMI data points to another quarter of stagnation – TD Securities

FXStreet (Barcelona) - Analysts at TD Securities note that this morning’s Eurozone flash PMI was disappointing, with Germany data being softer all around.

Key Quotes

“The French services PMI was the only one to (barely) surprise to the upside, as it rose from 48.3 to 48.8 (mkt 48.5), while the manufacturing PMI slipped 0.9pts lower to 47.6 (mkt 48.8).”

“Germany was softer all around, with the manufacturing PMI falling from 51.4 to 50.0 (mkt 51.5) and services falling from 54.4 to 52.1 (mkt 54.5).”

“The details of the German report were also soft, with new orders failing to growth for the first time in 16 months, with the manufacturing side reporting the steepest drop in 2 years and the services side expanding but at its slowest pace since Jan. The PMI data point to another quarter of stagnation for Germany.”

“We also had the CBI industrial data this morning, where new orders rose from -6 to +3 in November (mkt -5), which especially compared to the Eurozone PMI data has the UK manufacturing sector looking a little stronger into the end of the year.”

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