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Overseas demand helps manufacturing

GERMAN DATA

Both manufacturing and services better than expected, but services remaining comfortably below 50 (unlike the acceleration to 49.2 in France). However, manufacturing is now at the lofty level of 58.6, mainly attributed to overseas demand, particularly from China.

  • "Manufacturing output, by contrast, showed little impact from the virus containment measures at home or abroad, with panellists often attributing growth to a sustained rise in demand."
  • "The upturn continued to be supported b y rising export sales, which firms often attributed to stronger demand from China. Notably, manufacturing backlogs of unfinished orders showed a record increase during the month."
  • "Latest data showed a renewed decline in private sector employment in December, following the first – albeit marginal – rise for nine months in November. The result reflected a slightly quicker fall in factory workforce numbers, alongside a slower rise across the service sector"
  • Bunds continue to move lower, now below 178.00 (177.82/77 next support level see 8:22GMT bullet).

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