Singular Bank | According to preliminary readings, the Eurozone manufacturing PMI fell to 49.7 points in November (versus 50.0 points in October), its lowest level since June. In contrast, the services PMI rose slightly by 0.1 points to 53.1 points, its highest level since May 2024. In this context, the composite PMI fell slightly by 0.1 points to 50.4 points. This development can be explained by the decline in new order growth, especially for exports, given the uncertainty in global trade. However, this behaviour has been mixed across the major Eurozone economies:
In Germany, the preliminary reading of the manufacturing PMI for November showed a contraction to 48.4 points (versus 49.6 points in October), reaching its lowest level in six months. At the same time, the services PMI fell significantly by 1.9 points to 52.7 points. Given this situation, the composite PMI fell to 52.1 points (versus 53.9 points in October), although it remains in expansionary territory. This decline was driven by a notable slowdown in new business and a drop in new orders in the manufacturing sector due to reduced foreign sales.
