Latest data released by Markit/BME - 23 August 2018
- Prior 56.9
- Services PMI 55.2 vs 54.3
- Prior 54.1
- Composite PMI 55.7 vs 55.1 expected
- Prior 55.0
The manufacturing print was a tad softer but services and composite readings were a beat. A rather mixed report I would say and the continued slowdown in the manufacturing print will start to present more worries about Germany's flagging factory activity and exports demand.
The prints may not be moving the euro now but it will feed into economic growth sentiment and that will influence growth forecasts and the ECB's outlook on the Eurozone economy as a whole.
The bright spot from the report is that the composite reading will highlight that the overall sectors in the German economy are pointing towards an improvement in Q3.
