The major European indices are ending the day with mixed results:
- German DAX +0.11%
- France CAC, -0.16%
- UK FTSE 100, -0.15%
- Spain's Ibex, +0.79%
- Italy's FTSE MIB +0.58%
The final PMI manufacturing data was released today:
Spanish Manufacturing PMI: Recorded at 46.2, slightly below the forecast of 46.3 but still indicating a contraction (below 50).
Italian Manufacturing PMI: Came in at 45.3, surpassing both the forecast (44.3) and the preliminary month's figure (44.4), yet remains in contraction territory.
French Final Manufacturing PMI: Reported at 42.1, slightly above the forecast and preliminary value of 42.0.
German Final Manufacturing PMI: Registered at 43.3, slightly higher than the forecast of 43.1 and the preliminary figure of 43.1, indicating a contraction.
Final Manufacturing PMI: Stood at 44.4, marginally above the forecast of 44.2 and the previous value, but still reflecting a contraction in the sector.
Bad news is good news for ECB monetary policy, and the manufacturing sector is certainly in a contractionary environment.
Bank of Spain and ECB voting member De Cos said today that uncertainty over data remains high but sees inflation continue its downward trend
