Private sector output in Germany expanded at the slowest pace in six months in July, dampening optimism over the euro zone's largest economy, preliminary data showed on Monday. The overall rate of expansion was the weakest since January, a trend reflected in both manufacturing output and services business activity. The preliminary German manufacturing purchasing managers’ index inched down to a three-month low of 58.3 this month from a final reading of 59.6 in June. Analysts had expected the index to dip to 59.2 in July. The flash services purchasing managers’ index declined to a six-month low of 53.5 this month from 54.0 in June, disappointing expectations for a reading of 54.3.
In the US session, Existing Home Sales data was released. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.8 percent to a seasonally adjusted annual rate of 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 percent above a year ago, but is the second lowest of 2017 (February, 5.47 million).
From Eurozone, tomorrow, German Business climate data will be published. No change is anticipated. In the US session CB Consumer Confidence figures will be released. Analysts predict decline to 116.2.
Figures to watch:
CB Consumer Confidence (Tuesday 16:00)
