European manufacturing is doing worse than expected

It's manufacturing PMI day in Europe today, meaning we're getting a reading on how the sector is doing in key economies across the continent.

The continent-wide reading just came in at 52.3, against expectations of 52.4. July's figure was 52.4 too.

That's not a big miss, but a miss none the less.

Markit's Purchasing Managers Index (PMI) gives an idea of business conditions as a whole across the sector. Any reading above 50 signals growth, while anything below means the manufacturing industry is shrinking.

Italy and France both came in lower than economists had forecast, while Spain has managed to deliver in-line growth and Germany beat expectations.

Here are the readings we've got so far for August:

• Spain: 53.2 - in line with forecasts, below July's 53.6 figure.
• Italy: 53.8 - below economists' forecasts of 54.8 and July's 55.3 figure.
• France: 48.3 - below analysts' forecasts of 48.6, which was the same as July's figure.
• Germany: 53.3 - above forecast of 53.2, which was July's reading.
• Greece: 39.1 - July's figure was 30.2.

We're now just waiting on UK manufacturing PMI, which is due at 9.30 a.m BST (4.30 a.m ET).