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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.
EUROZONE DATA
Flash July Eurozone PMIs missed expectations to the downside, with manufacturing heading even deeper into contraction and the services sector decelerating more quickly.
- Eurozone Manufacturing registered 42.7 vs 43.5 expected and 43.4 prior; Services dipped to 51.1 vs 51.6 expected and 52.0 prior, dragging composite down to 48.9 vs 49.9 prior.
- Per the HCOB/S&P Global report, the Eurozone Composite was an 8-month low, with Services at 6-month lows and Manufacturing at 38-month lows.
- The common theme across the German, French, and Eurozone-wide readings is a slowdown in price pressures (focused largely in the manufacturing sector, with services mixed), alongside weaker demand evident across softer output, new orders, and exports.
- Overall Eurozone PMI future output expectations and new order inflows weakened (to the lowest vs output since 2009), with manufacturer selling prices falling to 2009 levels, with services inflation at a 21-month low. Backlogs are falling sharply and employment was the softest since Feb 2021.
- If anything the ex-Germany/France data was a bright spot ("eked out only very modest growth" for a 2nd consecutive month for the weakest reading of 2023 "reflecting an increasingly severe downturn in manufacturing and weaker demand growth for services."
- While Services continues to be a relative bright spot vs a cratering of manufacturing, the data overall paint a picture of overall weakening Eurozone economic activity translating into softer price pressures, as we head to the ECB's decision on Thursday.
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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