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European Economics Preview: Eurozone Flash PMI Data Due

preview oct22 23sep22 lt

Flash Purchasing Managers' survey results from the euro area and the UK are due on Friday, headlining a busy day for the European economic news.

At 3.00 am ET, S&P Global releases France flash Purchasing Managers' survey data for September. The composite output index is forecast to fall to 49.8 from 50.4 in August.

In the meantime, Spain's statistical office INE is scheduled to issue revised GDP data for the second quarter. The statistical office is expected to confirm the sequential growth of 1.1 percent.

Half an hour later, Germany's flash composite PMI data is due. The composite index is seen at 46.0 in September versus 46.9 a month ago.

At 4.00 am ET, S&P Global publishes Eurozone flash PMI data. Economists forecast the index drop moderately to 48.2 in September from 48.9 in the previous month.

At 4.30 am ET, UK S&P/CIPS flash composite PMI is due. The index is seen at 49.0 in September versus 49.6 a month ago.

At 6.00 am ET, the Confederation of British Industry releases Distributive Trades survey data. The UK retail sales balance is forecast to decline sharply to 10 percent in September from 37 percent in August.

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Stocks fluctuated in morning trading on Friday before once again coming under pressure over the course of the afternoon. The major averages extended the sharp pullback seen on Thursday, ending the session at their lowest closing levels since late 2020. Consumer sentiment in the U.S. improved by less than initially estimated in the month of September, according to revised data released by the University of Michigan on Friday. The University of Michigan said the consumer sentiment index for September was downwardly revised to 58.6 from the preliminary estimate of 59.5. Chicago-area business activity unexpectedly contracted in the month of September, according to a report released by MNI Indicators on Friday. MNI Indicators said its Chicago business barometer slumped to 45.7 in September from 52.2 in August, with a reading below 50 indicating contraction. Economists had expected the business barometer to edge down to 51.8.
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