emu flash aug pmis

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    From IGM News Feed

    [EMU FLASH AUG PMIs] Following the mixed readings in both the German/French PMIs, but probably not as downbeat overall as some were expecting, the pan EMU reads are also divided along similar lines but perhaps could be construed as a shade better than consensus. The headline manuf print came in at 49.7 vs 49.5 f/c & down from the 50.4 in Jul and was held up by a stellar German performance but still posted the weakest performance since Sep 2009. Services, however, fared better with a modest dip to 51.6 from 51.5 and compared to 50.5 consensus with surprising strength in France making up for weakness in the German equivalent PMI, but again the lowest print for almost 2 years. Back to the pan EMU data, flash new factory orders dived to 47.4 from 49.2 and the weakest since June 2009 with the output index 50 vs 50.2. Markit noted the numbers collectively point to flat quarterly growth.

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