The French manufacturing PMI dropped even more than expected, from 50 to 43.5 (consensus of 44), although the services figure rose from 45 to 46.2 (consensus of 45.5). The German PMI manufacturing fell from 47.4 to 45.7, instead of improving to 48 as expected. The services figure also dropped, from 49.7 to 49.3 (consensus of 50). The EMU PMI Composite fell further, from 46.1 to 45.8, with manufacturing easing from 46.1 to 45.3. Services improved slightly from 46.1 to 46.2.
The IFO survey for Germany found declining business climate (at 100), current assessment (107.3) and expectations (93.2) in October. The German sovereign sold 10-year bunds, with the average yield rising from 1.52% to 1.56%.
The German DAX 30 gains +0.28% and the French CAC 40 rises by +0.52% despite the very poor results of the Markit PMI data in both countries and in the Eurozone. The Italian FTSE MIB and the Spanish IBEX 35 are also edging higher, by +0.55% and +0.45%.
Futures for the American S&P 500, Nasdaq 100 and Dow Jones 30 are signaling a higher opening ahead of the NY session, US Markit PMI and the FOMC meeting. WTI crude oil is up by +0.18%, at $86.80, Gold rises by +0.14%, at $1710.