German Markit/BME PMI Sept flash report 23 Sept

  • 53.6 prev
  • services PMI 50.6 vs 52.1 exp vs 51.7 prev
  • composite PMI 52.7 vs 53.6 exp vs 53,3 prev

Mixed bag here. Stronger mftg but weaker services/comp.

EURUSD unfazed at 1.1212 but EURJPY and EURGBP finding some buyers again.

Say Markit:

  • Output growth at German private sector firms slowed further at the end of the third quarter.
  • The Markit Flash Germany Composite Output Index fell from August's 53.3 to 52.7 and therefore signalled the weakest expansion in activity in almost one-and-a-half years.
  • While service providers reported a near-stagnation of output during the month, manufacturers recorded on going solid growth. September data signalled a further rise in new order intakes, which companies generally linked to a combination of better marketing initiatives and strong demand from foreign markets.

Full report here