A mixed PMI bag between manufacturing and services in Europe

by | July 24th, 2018, 08:45:44 | Economic Data, Eurozone, France, Germany

European July 2018 Flash PMI’s roundup

EU :

  • Manufacturing PMI 55.1 vs 54.6 exp, prior 54.9
  • Services PMI 54.4 vs 55 exp, prior 55.2
  • Composite PMI 54.3 vs 54.8 exp, prior 54.9

Germany:

  • Manufacturing PMI 57.3 vs 55.5 exp, prior 54.8
  • Services PMI 54.4 vs 54.3 exp, prior 54.5
  • Composite PMI 55.2 vs 54.7 exp, prior 54.8

France:

  • Manufacturing PMI 53.1 vs 52.6 exp, prior 52.5
  • Services PMI 55.3 vs 55.7 exp, prior 55.9
  • Composite PMI 54.5 vs 54.8 exp, prior 55.0
  • Business climate 108 vs 110 exp, prior 110

An interesting divergence with manufacturing coming out better and services on the weaker side. The direct impact of tariffs may be starting to show on manufacturing prices but the overall uncertainty/competition of the same and Brexit are likely to put a bit of pressure on the Services side of things. Let’s see if we’re evolving into a pattern here moving forward, which could be more interesting for equity traders than for FX but with the increasing importance of services, don’t underestimate that stress factor.

K-man
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