GER40

Growth momentum: The previous 51.8 reading was the benchmark, so the move came from how the new release changed that trend. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: Consensus looked for 50.8 versus 50.1 previously, setting up a hotter expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: Consensus looked for 53.6 versus 54.4 previously, setting up a cooler expected print. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Labor-market signal: The market expected 6.3%, unchanged from the previous 6.3%, so the release mainly mattered through surprise risk. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For equities, that changes growth expectations and the discount-rate path.

Labor-market signal: Consensus looked for -40.8K versus -36.3K previously, setting up a cooler expected print. Jobs data changes the growth-versus-inflation balance and can reset expectations for the next policy move. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: The previous 57.3 reading was the benchmark, so the move came from how the new release changed that trend. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.