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FRANCE DATA: October Flash PMI Much Weaker Than Expected

FRANCE DATA

The French flash October PMIs were weaker than expected for the second consecutive month. Services fell further into contractionary territory at 48.3 (vs 49.9 cons, 49.6 prior), while manufacturing has been below 50 for almost two years now. 

EUR STIRs have extended higher, with the implied probability of a 50bp ECB December cut now just above 50%.

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The French flash October PMIs were weaker than expected for the second consecutive month. Services fell further into contractionary territory at 48.3 (vs 49.9 cons, 49.6 prior), while manufacturing has been below 50 for almost two years now. 

EUR STIRs have extended higher, with the implied probability of a 50bp ECB December cut now just above 50%.

Keep reading...Show less