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March Flash PMI: Manufacturing Downtick Calls Bottoming Out Into Question

GERMAN DATA
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The German flash March PMI showed mixed results, with manufacturing below expectations at 41.6 (43.0 cons, 42.5 prior) but services above consensus at 49.8 (48.8 cons, 48.3 prior). The composite output index rose to 47.4 (47.0 cons, 46.3 prior). This calls into question whether the German manufacturing sector has indeed bottomed out, with the current reading now almost 4 points below the January print. The market reaction was likely contaminated by the SNB's unexpected cut in policy rates.


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The German flash March PMI showed mixed results, with manufacturing below expectations at 41.6 (43.0 cons, 42.5 prior) but services above consensus at 49.8 (48.8 cons, 48.3 prior). The composite output index rose to 47.4 (47.0 cons, 46.3 prior). This calls into question whether the German manufacturing sector has indeed bottomed out, with the current reading now almost 4 points below the January print. The market reaction was likely contaminated by the SNB's unexpected cut in policy rates.


Keep reading...Show less