(MENAFN– ecpulse) European markets brace for a bundle of PMIs and an update on euro-area unemployment rate for September on Tuesday, in a very heavy calendar ahead of the European Central Bank`s policy meeting due on Wednesday.
- Eurozone PMI manufacturing probably declined to 51.1 from 51.4
- Germany PMI manufacturing likely fell to 51.3 from 51.8
- France PMI manufacturing may increase to 49.5 from 49.7
- Spain PMI Manufacturing likely rose to 51.2 from 51.1
- Italy PMI manufacturing expected at 51.1 from 51.3
The pace of growth of the Eurozone’s manufacturing PMI likely slowed to 51.1 in September from previous record of 51.4 in August, according to the preliminary Purchasing Managers’ Index (PMI) data from Markit Economics.
In Germany, the PMI for the country’s manufacturing sector likely edged 51.3 higher in September from a reading of 51.8 in August, a preliminary report by Markit Economics may confirm. France Manufacturing PMI probably rose slightly to 49.5 in September, from the previously recorded 49.7 in August.
Eurozone’s recovery will be in the spotlight again today, with the release of the September unemployment rate. The news that GDP in Europe posted a modest rise in the second quarter inspired claims that the business cycle had finally turned for the better.
- German unemplyment rate likely unchanged at 6.8%
- Eurozne unemployment rate probably steadied at 12.1%
Today’s update will provide fresh guidance for deciding how the recovery is unfolding. Eurozone unemployment has been holding steady at 12.1 percent since March. Economists believe we’ll see a repeat performance in today’s release, which indicates that this lagging indicator could’ve peaked.
In the FX market, the euro extended gains versus the dollar in early trades, trading at 1.35405 after the pair starter at 1.334897. The pair has so far touched a high of 1.35514 and a low of 1.35172.
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