CAC 40 not much off session lows after mixed PMI releases point to Games uplift on services

The French July flash PMI reading for the manufacturing, services and composite sectors were expected to show a modest improvement. All that data has just been released and it has been rather mixed, with a beat on services above 50, but a miss on manufacturing, below 45 . Ahead of this the CAC 40 had opened lower and fallen to below 7,500. However, it was rebounding ahead of this data, as both the DAX and the FTSE 100 also bounced from their earlier downside opening losses. The CAC is currently trying to digest the implications of this and it seems the services sector may have gotten a lift due to demand ahead of the olympic games and not for any other reason. Hence, the CAC 40 has not lifted any further on the news. Next up comes the German data at 7.30am GMT and there will be no games uplift to be had in that data, but we need to see what that actually delivers.