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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.
FRANCE DATA
The French flash June PMI was weaker than expected for both the services and manufacturing components, helping Bunds and OATs extend early gains. The services PMI was 48.8 (vs 49.9 cons, 49.3 prior) while manufacturing weakened to 45.3 (vs 46.8 cons, 46.4 prior).
Looking at the details, we observe the potential early impacts of French political uncertainty on domestic output volumes, while output charge inflation (particularly in services) softened markedly in June.
Key notes from the release:
- “Fewer client numbers and a drop in the level of incoming new business weighed on activity. Notably, there were some panel members that linked lower output volumes to the upcoming election”.
- “June survey data revealed a renewed fall in the amount of incoming new business placed with private sector firms in France”.
- “Private sector employment levels continued to rise in June, despite the demand environment deteriorating. Hiring was once again exclusive to the service sector”.
- “Prices charged for French goods and services meanwhile rose at a markedly softer pace during June, with the composite rate of inflation easing to its weakest since February 2021”.
- “For the first time since the start of 2023, manufacturing charge inflation outpaced that of services”.
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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