Stronger than Reuters’ median forecasts of -0.1%, -1.0% respectively. Junes’ data however revised downward, to +0.7% m/m, -0.7% y/y from original +0.9% m/m, -0.4% y/y.

–UK Aug Markit/CIPS Composite PMI Also Hits 26-Month Low LONDON (MNI) – The August purchasing managers’ services survey has fallen at its fastest pace in over a decade, suggesting the UK’s economic recovery is rapidly losing momentum. The August services PMI fell to 51.1 from 55.4 in July, undershooting analysts’ median forecast for a 54.0 [...]

From -13.5 in August,  but better than median forecast of -17. Lowest level since August 2009.

Tougher centralised governance would need treaty change Reiterates call for euro zone finance minister in long-term Finance minister would oversee financial sector (no shit) Urges rigorous, fuull implementation of July 21 agreements Sees immediate need for implementation of July accords (me too) Single market is far from being completed Sees structural barriers to growth in [...]

From 55.4 in July, some way below median forecast of 54.0. Rumour was correct then. Biggest drop in more than a decade. Happy Dayz  Cable relatively steady post release. Guess bad number had been at least partly discounted by earlier rumour.  But reading is still shit though.

Due 08:28 GMT: Expected 54.0 from 55.4. Rumour this morning that data could come in weaker than expected.  Go figure

Imperative to have framework to oversee euro zone budgets Reiterates growth, stability pact is indispensible Spirit of growth, stability pact has been weakened Euro has paid high price for weakening of pact Crisis revealed necessity for more euro zone governance Calls for stronger preventative sanctions on euro states Calls for earlier fiscal warnings on euro states

Recent yen rises are rapid, pose difficulty to Japan economy Wants to share view with G7 that excessive yen rises are harmful to world economy Shares view with PM Noda that recent yen rise not reflecting econmic fundamentals Exchange rates should reflect fundamentals long-term Wants to tell G7 about Japan’s efforts on fiscal rebuilding BOJ [...]

Compared to 51.6 in July, in line with flash estimate. Lowest read since September 2009. Composite PMI revised down to 50.7 from flash estimate of 51.1. Down from 51.1 in July. LOwest read since since August 2009.

Up from 54.2 in July, and up from flash estimate of 56.1. Highest read since May. German final August services PMI falls to 51.1 from 52.9 in July, but better than flash 50.4. Still lowest read since October 2009.

Down from 48.6 in July, but marginally better than Reuters’ median forecast of 48.2. Aforementioned buy orders at 1.4100/20, protecting 1.4100 barrier interest, so far lending EUR/USD some support. From session low 1.4113 we’re back up at 1.4135.

Down from 46.5 in July and below median forecast of 46.5. Lowest read since December 2009.

FTSE off -1.9, DAX off -2.3%, CAC 40 off -2.5%. Defence of barrier at 1.4125 underway. (LITTLE POP GOES THE WEASEL) Talk of sell stops clustered through 1.4080 and 1.4060.

Irwin Stelzer in the WSJ.

Dooooooooooooooooooooooooooooon’t panic!!!!!!!!!!!

1.4125 and 1.4100. Former small,  latter larger. Who wud have thunk it? UPDATE:  1.4100 is base of 1.41-1.46 dnt with September 21 maturity.

Below 1.4000 this week? EUR/USD touch easier at 1.4145 as European trading gets underway. Talk of buy orders clustered 1.4100/20. Is there barrier interest at 1.4100?  Don’t rightly know, could be.

DAX futures down -1.9%, CAC 40 futures down -1.7%

From 51.7 in July.