Monday, March 24th 2014, is the day for European Flash PMI. The data for March show that services and manufacturing sectors in France are expanding while contracting in Germany. The French flash Composite Output Index rose to 31-month high of 51.6, up from 47.6 in February and above estimates. Services sector expanded for the first time and manufacturing grew across the board. The German Composite Index fell to a three-month low of 55.0 down from 56.4 in February and below expectations.
The Euro zone data came in line. Flash Manufacturing at 53.0 versus 53.2 last month and Services PMI at 52.4 versus last month’s reading of 52.6.
Though before US session open, the STOXX 600 is still trading below yesterday’s close of 327.91, it has bounced up from the day’s low of 325.44 reached before the data came out.
$STOXX_1H_140324" width="639" height="582" srcset="https://i2.wp.com/www.marketremarks.com/wp-content/uploads/2014/03/STOXX_1H_140324.png?w=639 639w, https://i2.wp.com/www.marketremarks.com/wp-content/uploads/2014/03/STOXX_1H_140324.png?resize=300%2C273 300w" sizes="(max-width: 639px) 100vw, 639px" />On 60-minute chart, the broader European stock index is making an ascending triangle with 9-period RSI crossing over 14-period RSI, indicating upward momentum.
On daily chart, STOXX 600 is mirroring S&P 500 and is trending up within an upward sloping channel, seemingly bouncing off the lower channel line.
$STOXX_D_140324" width="639" height="582" srcset="https://i1.wp.com/www.marketremarks.com/wp-content/uploads/2014/03/STOXX_D_140324.png?w=639 639w, https://i1.wp.com/www.marketremarks.com/wp-content/uploads/2014/03/STOXX_D_140324.png?resize=300%2C273 300w" sizes="(max-width: 639px) 100vw, 639px" />