Germany: manufacturing PMI beats estimates, services PMI unexpectedly drops

Markit's Composite PMI, which tracks the Germanmanufacturing and services activity, stood at 53.8 in April, ticking down from 54.0 seen in March, which was the lowest since September 2015.

The German flash manufacturing PMI came in at 51.9 for April, up from the 50.7 seen in March, when it barely rose from a 15-month troughs. Markets predicted an increase to 51.0.

Contrarily, the services sector activity unexpectedly deteriorated, falling to 54.6 in April, compared to expectations of no change from the last seen at 55.1.