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Today's major focus remains the manufacturing dockets across globe and data published from Eurozone painted a positive picture of revive in growth but in divergence.
- Eurozone markit manufacturing PMI showed expansion at 51 unchanged from previous. Despite the growth slowing in recent months, this is consecutive rises since June 2013.
- Despite the positive headline number, the picture remained mixed across Euro zone and may continue further.
- Spain expanded at 54.2 slower than previous 54.7. This is still better data considering the Spain's comeback from 2011 crisis slump. Spanish bonds are expected to gain further.
- Sluggish pace continued in Euro zone's second largest economy France. PMI recorded further contraction at 47.6 compared to previous 49.2
- German manufacturing is still robust. PMI grew to 51.1 better than previous 50.9.
- Greece also registered further contraction at 48.4.
- Italy showed further signs of improvement where the PMI grew to 51.9 compared to previous contraction at 49.9.
Euro currently trading at 1.119 remained unmoved by the data, however on the back of these improvements stock markets and bonds of improving economies are expected to better than peers over time.
