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Eurozone PMIs point to stronger economic picture - TDS

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Research Team at TDS, note that on a broader scale, the euro area PMIs held up well in October, with the manufacturing PMI holding stable at 52.0 and the services PMI rising half a point to 54.2.

    Key Quotes

    “While there were some downside risks going into today (the German ZEW fell over 10 points in October), we see the PMIs supporting our view that while confidence has been shaken recently by EM and financial market volatility and the scandal at VW, activity itself has generally held up well.”

    “In France, the PMIs posted small gains in October, against market and our consensus for declines. It was a fairly mixed report: new business and backlogs have held up, but manufacturers posting the sharpest drop in staffing levels in 10 months.”

    “The German manufacturing PMI fell slightly to 51.6, but the services PMI rose by 1.1 to reach 55.2. New business in the manufacturing sector held up reasonably well, but slowed a little on weaker orders attributed to slower demand from foreign buyers (Russia and China in particular).”
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