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Disappointing French manufacturing......>

FRANCE DATA
FRANCE DATA: Disappointing French manufacturing PMI coming in at 50.7 (exp 51.2,
prev 51.2). Interestingly the press release points to "anecdotal evidence" that
there was "falling demand, particularly for autos, and challenging market
conditions". The market is pinning some of its hopes for a pickup in Q4 GDP
based on a rebound in the auto industry following the pullback in production in
Q3 due to changes in emissions regulations. If we don't see this rebound, as
this PMI hints could be the case, we are likely to see increased pessimism over
the Q4 outlook. We will be looking at the German manufacturing PMI for further
information on the autos outlook.

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