Macro Greece manufacturing PMI beating expectations is the ultimate trap right now

[Sam Sterling]

Alright guys, everyone in here is popping champagne because the Greek manufacturing PMI just printed a solid 54 for September, blowing past expectations. Twitter and the usual suspects are screaming about a massive economic resurgence and screaming buy on anything tied to the region. But ngl, I am staring at this print with a ton of doubt. Since when is hot macro data in a peripheral EU market actually a good thing for equity holders? To me, it just screams rising input costs and tighter ECB policy squeezing margins until they pop. We have seen this movie before where a surprise beat marks absolute peak euphoria before the reality of debt servicing costs catches up. Are we seriously buying the Greek turnaround story here, or is this just pure FOMO chasing a lagging indicator?

 

[LucasBennet]

Who is actually putting risk on Greece PMI of all things? lmao.

The entire Eurozone manufacturing sector has been in the gutter for months anyway. That print barely moves EUR/USD two pips, total non-event. Save your margin for actual high-impact releases like US CPI or NFP instead of trying to front-run tier-3 peripheral data.