CdM | Activity in the Spanish manufacturing sector deteriorated in August for the fifth consecutive month and has fallen to its lowest level so far this year, according to the PMI index, which has fallen to 46.5 points from 47.8 points in the previous month, according to the survey by S&P Global and Hamburg Commercial Bank, which has just been reported by Europa Press. The fall in the index in…
Link Securities| China’s advance manufacturing activity index, the manufacturing PMI compiled by media group Caixin unexpectedly rose to 50.9 in May from 49.5 in April. The FactSet consensus of analysts had expected a lower reading of 49.4. An index reading above 50 points indicates expansion in activity from the previous month, while a reading below that level indicates contraction in activity. Production increased at its fastest pace in eleven months,…
Santander Corporate & Investment: China’s imports plunged almost 8% (-0.3%e) in April, consolidating doubts about the evolution of the global manufacturing sector. And, for example, the services/manufacturing PMI gap in the Eurozone has recently returned to record highs. This is a harsh blow for a European industrial sector that: (1) was expected to benefit from China’s reopening, (2) is already trading at pre-war lows a few months before autumn (albeit…
BancaMarch : In the US, business confidence data was also released and in this case was positive as confidence in both services and manufacturing improved. Notably, the composite PMI rose more than expected to 53.5 from 52.3 and well above the expected 51.2. At the sectoral level, the improvement came both on the services side, with the confidence indicator rising to 53.5 from 52.3, and on the manufacturing side, which…
Santander Corporate & Investment’s flash services PMIs released this morning will once again be a headache for the ECB, as they show an unexpectedly strong rebound in France at a delicate time of rallies (56.3, 53.5e, 53.9p). But also in Germany (55.7, 53.4e, 53.7p). And at a time when services inflation remains one of the real workhorses as our economists recalled after the release of the final March figure a…
CdM | Growth in Spain’s manufacturing sector accelerated in March for the second month in a row and reached its fastest pace of expansion since June 2022, with a reading of 51.3 points versus 50.7 in February, according to S&P Global Market Intelligence. A key element was growth in the order backlog, following a nine-month sequence of declines, although the same trend was not seen with respect to external demand,…
Link Securities | China’s official advance manufacturing activity index, the manufacturing PMI, came in at 51.9 in March, above the 51.6 expected by the analysts’ consensus, although it was below the 52.6 of the previous month. We recall that a reading above 50 points indicates expansion of activity from the previous month, while a reading below that level indicates contraction of activity. Most components decelerated after February, although production, new…
Intermoney | On the European continent, we will be looking forward to the activity data that will be offered by the preliminary PMI readings for February. For the first time in several months we will see readings above 50 in several economies and in the eurozone as a whole, especially in the indicators for services and the composite indicator, while in manufacturing activity the PMIs will again show a very…
Santander Corporate & Research | The worst slump in UK services PMIs in two years, since the 2021 confinements, puts a clear question mark over the sustainability of an expected EZ economic recovery that explains the good momentum in credit markets. True, with these PMIs already above 50pt for the first time since June and the third consecutive month of improvement, our economists believe that the EZ may be able…
CdM: This is what the PMI index data released on Tuesday by S&P Global shows. “Eurozone business activity increased slightly in the first month of 2023, signalling a hesitant return to growth after six consecutive months of decline.” Specifically, the Flash Eurozone Total Activity Composite PMI Index came in at 50.2 (49.3 in December), registering a seven-month high. This figure indicates “the first – albeit only modest – expansion in…