According to the flash estimate communicated this morning by Markit, in October the composite PMI index for the Eurozone (manufacturing and services) rose to 52,2 points from 52 in September, thus remaining above the 50-point threshold, which marks the boundary between expansion and contraction. The result is much better than expected, considering that economists had forecast a drop to 51,8 points. The Stock Exchanges reacted well to the data, with Piazza Affari turning positive.
According to Markit analysts, today's result is consistent with gross domestic product expanding by 0,3% in the third quarter at the euro zone level.
GERMANY
The performance of the Eurozone is mainly the result of the strong acceleration of the manufacturing sector in Germany, which saw the PMI sector index rise from 49,9 to 51,8 points. On the other hand, the German PMI for services recorded a slight decline from 55,7 to 54,8. The composite index rose from 54,1 to 54,3.
FRANCE
The situation is quite different in France, where the PMI manufacturing index accentuated the contraction phase, dropping from 48,8 points to 47,3. The survey on services fell to 48,1 points, from 48,4 points in the previous month. In both cases, these are worse numbers than the consensus of economists. The composite PMI index also fell, recording 48 points against 48,4 in the previous month.
CHINA
In the morning, the British bank HSBC had also communicated the survey relating to China, where the PMI manufacturing index rose from 50,2 to 50,4 points, despite "new orders and exports" continuing to slow down.
