ITALY DATA: August Services/Composite PMI: Still Expansionary But Momentum Slows

• European and US Equities are pulling away from Friday's lows, the Estoxx futures plummeted 5% from just Thursday's high to Friday's low, VGU5 is now up 0.77%.
• Looking at a Micro level, the Index is close to where it was trading at pre NFP, although we noted at the time of the Employment release the surprising lack of moves in Equities versus what was witnessed in Bonds, Rates and FX.
• This was most likely because of the already big sell off seen in Equities since Thursday into Friday's Data.
• VGU5 was trading at 5234.00, which is right here, and for the US Emini, it was trading at 6320.00, but fell 3.54% from last Thursday's high at 6468.50.

Looking at the details of the Swiss CPI print, upside momentum from transport and recreation categories stands out (contributing a combined 0.21pp more than in June). Overall it remains that this was the second consecutive positive print in Swiss CPI.
⦁ Transport services (airfares but also "public transport abroad" in particular) and package holidays (part of recreation category) were behind the acceleration here, having seen higher Y/Y prints this time - that might help explain parts of the unusual higher services / imported inflation combination.
⦁ Food inflation meanwhile has fallen this time, contributing 0.06pp less than in June.
⦁ Further details see table / chart below:

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