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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROPEAN DATA
MNI (London)
FRANCE FLASH JUNE MANUFACTURING PMI 51.0 (FCST 54.0); MAY 54.6
GERMANY FLASH JUNE MANUFACTURING PMI 52.0 (FCST 54.0); MAY 54.8
EUROZONE FLASH JUNE MANUFACTURING PMI 52.0 (FCST 53.8); MAY 54.6
UK FLASH JUNE MANUFACTURING PMI 53.4 (FCST 53.6); MAY 54.6
- June manufacturing PMIs slumped across the board in the Eurozone and UK flash estimates show. France dipped 3.6 points, Germany by 2.8, the Eurozone aggregate by 2.6 and the UK by a softer 1.2 points, all coming in below consensus expectations of somewhat milder 0.5-1-point declines.
- French manufacturing dived to a 19-month low, remaining only one point above the breakeven of 50. A reading below this would imply a contraction in the industry. Substantial declines were seen in output and new orders on the back of worsening price pressures. France saw political uncertainty with national elections further dampening business confidence.
- German manufacturing slipped to a 23-month low, in the fourth month of decline as new business inflows weakened, with new orders at the lowest since June 2020. Lockdowns in China and the Ukraine war disruptions saw a marked downturn in export demand.
- The Eurozone manufacturing PMI dropped to a 22-month low, with output contracting for the first time since the onset of the pandemic. Tighter financial conditions and uncertainty surrounding the energy sector underpinned pessimistic outlooks. The survey forecasts GDP growth at 0.2% for Q2.
- UK manufacturing followed suit at a 23-month low in the June flash print. Business optimism saw the steepest decline since May 2020 on the back of soaring inflation and current growth was largely due to backlogs from previous months. Wage growth and job creation proved robust.
- Across the regions, the survey highlighted continued price growth, declining manufacturing demand and persistent supply chain issues squashing growth outlooks for manufacturing industries.
Source: MNI / Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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