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Rabobank analysts point out that we will have provisional August PMIs from France, Germany, and the Eurozone, where many things are still made, but less this year than the same period in 2018.

Key Quotes

“The French series is seen dropping from 49.7 to 49.5, the German from 43.2 to 43.0, and the Eurozone from 46.5 to 46.2. Fortunately, we are all going to be saved by ‘haircuts’ as the French service sector PMI is seen at 52.5, the German at 54.0, and the Eurozone at 53.0.”

“Then we have the US Markit PMI, seen at 50.5 for manufacturing, again underlining that while the US is limping, it is at least still moving forwards while others retreat. US services are seen at 52.8, lower than last month, however.”