Eurozone manufacturing and services PMI’s puts a cloud over the ECB

November 2018 Eurozone Markit manufacturing and services PMI flash 23 November 2018

• Manufacturing PMI flash 51.5 vs 52.0 exp. Prior 52.0
• Output index at a 65 month low
• Services 53.1 vs 53.5 exp. Prior 53.7
• Services new orders 25 month low
• Composite 52.4 vs 53.0 exp. Prior 53.1

Not good reading from these early numbers. Inflation eased this month and output prices continued to rise (a positive for margins).

The rest of today’s PMI’s

Germany

• manufacturing flash 51.6 vs 52.2 exp. Prior 52.2
• Services 53.3 vs 54.5 exp. Prior 54.7
• Comp 52.2 vs 53.2 exp. Prior 53.4

France

• Manufacturing 50.7 vs 51.0 exp. Prior 51.2
• Services 55.0 vs 55.0 exp. Prior 55.3
• Composite 54.0 vs 53.9 exp. Prior 54.1

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Ryan Littlestone

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