DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

France PMI Casts Doubt On Cyclical Upturn

DATA REACT

An unexpected contractionary French manufacturing PMI reading in August (49.0, vs 52.4 prior and 53.0 expected), in addition to a much weaker-than-expected services number (51.9 vs 57.3 prior and 56.3 expected) appears to cast doubt on the cyclical upturn story in the eurozone, with the EUR moving lower and core European FI higher.

  • From the IHS Markit release: "Softer activity growth was partially driven by a slower rise in new orders midway through the third quarter. The latest increase in sales was only marginal, with manufacturers posting a slight decline and services firms recording a softer expansion...new export business fell for the eighth month in a row"
  • On unemployment: "private sector firms continue to pare back their staff numbers in August, extending the current sequence of workforce contraction to six months. Moreover, the rate of reduction accelerated slightly from July and was solid overall"
  • On inflation: "the rate of inflation accelerated to the quickest since January"
  • On the outlook: "firms remained optimistic towards the 12-month business outlook. However, the degree of positivity eased from July's five-month high and was weaker than the historical average. Anecdotal evidence suggested that firms remained wary of further COVID-19 outbreaks."
BulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.