Ok, here’s some good news for Europe.
German Flash PMI — which is an initial composite economic reading that combines a flash manufacturing survey with a flash services survey — just beat expectations on both sides.
Here’s the full summary from Markit:
This comes after a weakish French Flash PMI, so this strength is a relief (and it’s causing the euro to hit a session high on the news).
One of the biggest stories in the economy is the exit from recession in Europe, and this strong German number helps confirm that.
Interestingly, this comes after a very strong Chinese Flash PMI number, so suddenly you have two of the world’s most important manufacturing (and just generally economic) powerhouses posting surprisingly good data.
Maybe the world is improving?