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PMI a bit better, but lack of market reaction as we expected

FRANCE DATA
  • So overall, output rose at a similar pace to July 2020 (end of first lockdown), new business rose at fastest rate since Jan 2018 and backlogs grew (partly due to "difficulties hiring new staff".
  • "Sentiment for output in 12 months' time was the strongest since the series began in 2012. Service providers were the most upbeat since April 2011, while manufacturing output expectations remained strong despite easing to a four-month low."
  • So overall a decent report, but doesn't really tell us much other than sentiment being high and demand starting to pick up (which we would expect at we enter the home straight of the fight against covid).
  • As this is a diffussion index, it's hard to gain any sense of magnitudes of a rebound here, hence the lack of market reaction.
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