French manufacturing and services order books more promising in July

In the first of a string of diffusion index releases scheduled for today, French manufacturing and service sectors both look more promising than analysts had hoped for.

The Markit purchasing manager's index (PMI) for manufacturing rose from 48.4 to 49.8 (48.8 expected) and services improved from 47.2 to 48.3 (47.7 expected).

As both PMIs are still below 50, that implies these sectors are still contracting, but at a slower rate. Promising stuff.