Singular Bank: April’s preliminary reading of the Eurozone manufacturing purchasing managers’ index showed a slight gain of 0.1 points to 48.7 points (versus 48.6 points in March), the highest in 27 months and above analysts’ consensus estimates (47.4 points). On the other hand, the preliminary services PMI has decreased 1.3 points with respect to March to 49.7 points. Thus, the preliminary reading of the Euro zone composite PMI in April has decreased to 50.1 points (versus 50.9 points in March), although remaining in expansionary territory. These results are obtained in a context where companies are reluctant to increase activity due to the reduction in new orders, the largest so far this year, in view of the complex situation in international trade. At the same time, a mixed trend was observed in the main euro zone economies:
In Germany, the manufacturing PMI for April has fallen to 48.0 points (vs. 48.3 points in March), placing it above analysts’ consensus estimates (47.5 points). The services PMI declined by 2.1 points to 48.8 (versus 50.9 in March), its lowest level in the last 14 months. Germany’s composite PMI fell by 1.6 points to 49.7 points (versus 51.3 points in March), the first contraction in four months due to the moderation of business activity, especially in the services sector.
In France, in April, the preliminary manufacturing PMI reading showed a 0.3 point drop to 48.2 points (versus 48.5 points in March), although above analysts’ estimates (47.9 points). The services PMI declined to 46.8 (versus 47.9 in March). The composite PMI declined by 0.7 points to 47.3 (versus 48.0 in March), remaining in contractionary territory. A trend explained by the decline in both domestic and foreign demand.
