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Eurozone PMI Data Falls Further

James Boston
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Eurozone PMI Data Falls Further

The softness in Eurozone fundamental data this month has been further reconfirmed by the publication of a series of Purchasing Managers Indices (PMI) this morning. The preliminary data from Markit Economics for the bloc and two of it’s largest members has been released and has missed expectations across the board.

The headline PMI Composite number has come in at a reading of 52.8, this is clearly down on the 53.5 market anticipated level and also represents a pull back from last months final reading which was also 53.5. The Composite number is a combination of both the Manufacturing and the Services data. The former posted the largest fall this month to 51.9 from a May reading of 53.4, the anticipated number was 52.2. The Services figure fared a little better but it too missed the expectations, this is now reading at 52.8 compared to the previous months 53.2 and a market consensus level of 53.3.

Germany was the only country to post any kind of month on month improvement, it’s Manufacturing PMI figure actually added a tick on the month to now read at 52.4, May’s figure was 52.3 but markets still experienced disappointment due to the consensus estimate being 52.5. A bigger surprise however was the fall in Germany’s Services PMI number, this read at 56.0 in May but according to this month’s preliminary data it looks like it has fallen significantly to 54.8, the consensus estimate here was for a level closer to 55.7.

The French numbers are equally concerning, not only are these continuing to fall month on month but they are all below the key 50 level which determines the difference between contraction and expansion in these indices. French Manufacturing is now reading at 47.8, down from 49.9 last month and below the expected 49.5. Services data is also off at 48.2 for June compared to 49.1 in May and an estimate of 49.4.

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