- French Sept flash composite PMI falls to 44.1 from 48.0 in August. A three and a half year low
- German Sept flash composite PMI rises to 49.7 from 47.0 in August. Highest read since April
- Eurozone Sept flash composite PMI falls to 45.9 from 46.3 in August. Lowest reading since June 2009
- IMF Australian report: Sees economic growth 3.25% this year, outlook broadly favourable
- EU’s Barnier: Will try to achieve a compromise in discussion with Germany over integrated banking supervision
- ECB’s Noyer: ECB bond buys to ensure monetary stability
- Buba’s Dombret: Breaking up banks won’t avert future systemic risks
- Finnish, German, Dutch finance minsters to meet Sept 25th
- BOJ’s Shirakawa: Global slowdown is intensifying
- UK August retail sales inc fuel -0.2%, slightly better than Reuter’s median forecast 0f -0.4%. Y/Y rise +2.7%, as expected
- UK Sept CBI manufacturing order book balance -8, up from -21 in August and better than median forecast of -15
- A Greek exit from the euro is now “more manageable and hence more likely” – Business Insider
Single currency has had a poor time of it this morning, EUR/USD down at 1.2945 from early 1.3005, having been as low as 1.2930. The selling started right from the get-go and accelerated on the release of truly awful French PMI data. There was a reprieve on the release of strong German PMI data but it was short-lived. BIS said to have been selling this morning.
European stocks underwater, led by euro zone periphery markets. Italy’s FTSE MIB down -1.2% followed by Spain’s IBEX, which is down 1.0%.
Sell stops now seen through 1.2930. Sell orders clustered up at 1.2980/00. Said to include sovereign interest.
Cable hardly changed, very marginally easier at 1.6188 from early 1.6200. EUR/GBP down at .7993 from early .8023, having been hit hard by major French name.
USD/JPY effectively unchanged, up 5 pips from levels that greeted me, presentl;y at 78.18. Buy orders seen clustered 77.95/05, sell stops through 77.90. EUR/JPY down at 101.22 from early 101.60.
AUD/USD effectively unchanged at 1.0400. EUR/AUD down at 1.2445 from early 1.2496, reflecting the euro’s general weakness.