German HCOB Composite Flash PMI (Sep) 46.2 vs. Exp. 44.8 (Prev. 44.6)

In terms of growth it means that activity remained broadly flat following the decline recorded in August. Therefore, our nowcast for services, which considers the PMI data, continues to signal a drag in the third quarter.
The HCOB PMIs, however, indicate that things aren't going downhill as fast as before, with the decline in new orders slowing down
Our nowcast points to a rather deep GDP slump of 1 percent compared to the quarter before. Having said this, some important sub-indicators like new business and backlogs of work, which appear to be reaching a bottom, offer hope of an end to this slump as we hit the new year.