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Services PMIs improve more in core than periphery vs March

EUROZONE DATA
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After this morning's 0.5 point upside surprise to the Spanish services PMI, the Italian services PMI was 0.2 points lower than expected while theFrench print was revised up 0.8 points from the flash and German print revised down 0.1 points. Overall, this led to the Eurozone services PMI print being revised up by 0.4 points.

  • Despite the upward revision, the French services PMI print of 51.3 was still below the Eurozone print of 53.3 (which was similar to the German 53.2). The Spanish print was highest at 56.2 and Italian above the EZ aggregate at 54.3.
  • This leaves all of the big four EZ economies with services PMIs above the breakeven 50 level with the Italy and Spain seeing similar prints to March but Germany and France seeing marked improvements.
  • Bund futures are around 15 ticks off their intraday high (131.54) at writing - but this is largely due to Friday's high of 131.57 holding.
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After this morning's 0.5 point upside surprise to the Spanish services PMI, the Italian services PMI was 0.2 points lower than expected while theFrench print was revised up 0.8 points from the flash and German print revised down 0.1 points. Overall, this led to the Eurozone services PMI print being revised up by 0.4 points.

  • Despite the upward revision, the French services PMI print of 51.3 was still below the Eurozone print of 53.3 (which was similar to the German 53.2). The Spanish print was highest at 56.2 and Italian above the EZ aggregate at 54.3.
  • This leaves all of the big four EZ economies with services PMIs above the breakeven 50 level with the Italy and Spain seeing similar prints to March but Germany and France seeing marked improvements.
  • Bund futures are around 15 ticks off their intraday high (131.54) at writing - but this is largely due to Friday's high of 131.57 holding.