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Mixed data from Eurozone and UK PMI’s - TDS

FXStreet (Delhi) – Cristian Maggio, Head of Emerging Markets Strategy at TD Securities, notes that the recently released PMI data from the Eurozone and PMI were mixed bag of sorts.

Key Quotes

“The final euro area reading of 52.0 in September was unchanged from the flash estimate (vs 52.3 in August), suggesting relatively unchanged momentum in manufacturing activity.”

“On a Europe-wide country basis, however, the manufacturing PMIs were fairly mixed in September, with relatively large monthly declines posted in Italy (-0.9), Germany (-1.0), and Spain (-1.5) (the UK fell just 0.1). Conversely, Sweden eked out a +0.1 increase on the month, France managed to gain an impressive 2.3, and Norway was the real surprise, jumping by 4.0 (with gains across the board in the sub-indexes). All these countries except for Norway were in expansion territory in August.”

“The UK release, while remaining relatively flat on the month, suggested some underlying risks to the manufacturing sector there, with employment falling below the 50 threshold for the first time in two and a half years.”

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