European stocks are falling again on mixed PMI data

FXStreet (Moscow) - European stocks are falling for a second day as the PMI data out of Germany painted mixed picture showing the slide in Manufacturing (50.3 vs 51.2), and the rise in Service sector (55.4 vs 54.6). Meanwhile, the EMU Composite PMI was disappointing coming below expectations (52.3 vs 52.5), but still above the 50-point boom/bust level.

The Stoxx Europe 50 fell 0.87% to 3,229.27 in early trade. As for country-specific indexes, the UK FTSE lost 0.97% on the back of empty economic calendar. The Germany’s DAX 30 slid by 0.77% while the France’s CAC 40 fell by 1.18% on mixed PMI data. Spain’s Ibex 35 lost 0.87%.

The current week promises to be quieter than the previous one, as the economic calendar is practically empty. In terms of economic releases today, watch for FOMC member Powel speech and US manufacturing data, although both events are of second-tier nature, and are unlikely to trigger sharp moves on the market.

As for commodities, gold is currently trading at $1,225.30, recording a 0.84% gain on Tuesday and heading for its second day of rise in a row. Crude Brent was up 0.2% at $97.33 a barrel.