Mixed results for major European indices as manufacturing sector contracts

<p>The major European indices are ending the day with mixed results:</p><ul><li>German DAX +0.11%</li><li>France CAC, -0.16%</li><li>UK FTSE 100, -0.15%</li><li>Spain's Ibex, +0.79%</li><li>Italy's FTSE MIB +0.58%</li></ul><p>The final PMI manufacturing data was released today:</p><ul><li><p>Spanish Manufacturing PMI: Recorded at 46.2, slightly below the forecast of 46.3 but still indicating a contraction (below 50).</p></li><li><p>Italian Manufacturing PMI: Came in at 45.3, surpassing both the forecast (44.3) and the preliminary month's figure (44.4), yet remains in contraction territory.</p></li><li><p>French Final Manufacturing PMI: Reported at 42.1, slightly above the forecast and preliminary value of 42.0.</p></li><li><p>German Final Manufacturing PMI: Registered at 43.3, slightly higher than the forecast of 43.1 and the preliminary figure of 43.1, indicating a contraction.</p></li><li><p>Final Manufacturing PMI: Stood at 44.4, marginally above the forecast of 44.2 and the previous value, but still reflecting a contraction in the sector.</p></li></ul><p>Bad news is good news for ECB monetary policy, and the manufacturing sector is certainly in a contractionary environment.</p><p>Bank of Spain and ECB voting member De Cos said today that uncertainty over data remains high but sees inflation continue its downward trend</p>

This article was written by Greg Michalowski at www.forexlive.com.