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(Z1) Off Lows, But Remains Weak


Still Vulnerable


Bullish Price Sequence

MNI (London)

EZ Mfg: BBG: 52.7 vs 51.8 Jul; EZ Services: BBG: 54.6 vs 54.7 Jul
FR Mfg: BBG: 53.0 vs 52.4 Jul; FR Services: BBG: 56.0 vs 57.3 Jul
DE Mfg: BBG: 52.3 vs 51.0 Jul; DE Services: BBG: 55.1 vs 55.6 Jul
UK Mfg: BBG: 54.0 vs 53.3 Jul; UK Services: BBG: 57.0 vs 56.5 Jul

  • All four mfg PMIs are forecast to rise marginally in Aug and all of them are seen above the 50-mark.
  • Last month's survey noted that despite the uptick in almost every category due to further easing of restrictions, firms are still not operating at full capacity.
  • Moreover, the Employment component fell further with the degree of job shedding historically high.
  • On the other hand, the services PMIs of France, Germany and the EZ are expected to tick down slightly, while the UK's index is anticipated to edge higher.
  • Just like the manufacturing sector, last month's survey showed another decline in the backlog of work as well as of employment - a development which is unlikely to change in Aug.
  • The recent rise in cases across Europe poses downside risk to the recovery of the service sector.
MNI London Bureau | +44 203-865-3814 |
MNI London Bureau | +44 203-865-3814 |