3 Letters P-M-I

It seems overnight the HSBC China flash PMI was not the only disappointment.


German PMI data came in at: Mfg PMI 48.1 vs consensus of 51 with the prior at 50.2; Services PMI came in at 51.8 on consensus of 53.1 with the prior at 52.8. So as mentioned yesterday, the EU will be coming back into the spotlight with the German Manufacturing PMI now in contraction and Services both missing and slipping badly. Is the core being hit? I'd say yes. Germany's only interest in the Euro-zone is a free trade zone for their manufacturing sector, if countries can't afford to buy, don't expect too many more bailouts. Next up, SPAIN.


The French and EU PMIs were also worse then consensus. UK Sales also printed at -0.8 on consensus of -0.5.