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GERMAN DATA: October Flash PMI Above Consensus, But Underlying Conditions Weak

GERMAN DATA

In contrast to France, the German flash October PMI was stronger than expected for both services and manufacturing. Euribor futures have moved away from post-French data highs, with the implied probability of a 50bp ECB December cut easing a little (though is still ~45%).

However, the composite PMI remained in contractionary territory for the fourth consecutive month at 48.4 (vs 47.6 cons, 47.5 prior).

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In contrast to France, the German flash October PMI was stronger than expected for both services and manufacturing. Euribor futures have moved away from post-French data highs, with the implied probability of a 50bp ECB December cut easing a little (though is still ~45%).

However, the composite PMI remained in contractionary territory for the fourth consecutive month at 48.4 (vs 47.6 cons, 47.5 prior).

Keep reading...Show less