Analysts at TD Securities note that this morning's flash PMIs for Eurozone were all a bit better than expected.

• “While the details for the French PMI were reasonably upbeat, in line with the improvement in the headlines (mfg 51.0 vs mkt 49.5 and services 53.3 vs mkt 52.5), the details of the German report were quite downbeat even though the headlines improved (mfg 43.6 vs mkt 43.0 and services 54.4 vs mkt 54.0).
• Markit noted that job creation slipped to a 5y low, while new orders fell further into contraction territory expectations turned net negative for the first time since 2014. Markit also added that the survey didn't do anything to dispel the threat of another contraction in GDP in Q3, especially given the deterioration in forward-looking indicators.”