- The European Manufacturing PMI number for October improves to 45.9 vs the expected 45.74.
- The all-important German Manufacturing PMI reading came in at 42.1 vs expected 41.9.
Around the world Manufacturing, PMI numbers had been stalling leading some of the major commodities to drop off. PMI numbers are also taken very seriously by the likes of the ECB when it comes to monetary policy decisions. So it seems that new ECB President Lagarde inherits the post with some good news as the major PMI numbers improved for October.
Spain was first up this morning and bucked the trend of good results to record a reading of 46.8 vs expectations of 47.5.
Then the Italian reading started the positive trend as it beat expectations to record a final reading of 47.7 just 0.1 point higher than expectations. After that France also then beat expectations of 50.5 and printed at 50.7.
Arguably the most important of the EU nations, Germany posted a marginal rise of 42.1 vs expectations of 41.9.
The last one is always the total EU reading and this also didn’t disappoint but printed only slightly higher at 45.9 only slightly beating analysts estimates of 45.7. overall this is great news for the ECB who have just released their latest stimulus package. We could also be hearing from new ECB president Lagarde so we could get some comments on the positive data.
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