October 01, 2024 08:08 GMT
EUROZONE DATA: Automotive Industry Weakness Cited in Both French and German PMIs
EUROZONE DATA
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The German and French September manufacturing PMIs saw upward revisions of 0.3 and 0.6 points respectively, but remain comfortably in contractionary territory, As such, the Eurozone-wide PMI was revised slightly higher to 45.0 (vs 44.8 flash).
Key excerpts on output/demand:
- France: “Scarce client interest was a result of generally weak market demand. Some panellists attributed lower sales to challenging automotive industry conditions and fewer new export opportunities”.
- Germany: “A range of headwinds to demand that included market uncertainty, investment reticence, customer destocking and weakness in the automotive sector”.
- EZ: “The latest drop in new orders was sharp and the fastest since December last year. Sales performances were also adversely impacted by conditions overseas, with the latest survey data signalling an accelerated decrease in new business from abroad”
Key excerpts on prices:
- France: “Prices charged were broadly unchanged since August, rising only fractionally. Discounting. among intermediate goods makers came close to offsetting mark-ups elsewhere. Some firms cited lower metal costs”.
- Germany: “Factory gate charges likewise fell more quickly in September as manufacturers passed on the cost-savings from lower purchase prices and faced increasing competition for new work”
- EZ: “Input costs declined for the first time since May”…“Overall, the extent to which charges were discounted was marginal, but the most pronounced in four months”.
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