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MNI: EUROZONE JUL FINAL MANUFACTURING PMI 45.8 (FLASH: 45.6); JUN: 45.8

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Little "new news" in this morning's final EZ PMI prints

EUROZONE DATA
DataHomepagemarkets-real-timeData BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets

Small 2 tenth revision higher to EZ manufacturing PMI to 45.8.

  • Relative to June, only Italy and Ireland saw increases - with the other 6 countries seeing deterioration.
  • In terms of surprises today Italy surprised to the upside, Spain to the downside (to a similar extent) while France was only a tenth lower and Germany was revised up 0.6 points.
  • There's not much in these releases to change the narrative compared to the flash releases. As noted in the flash, new export orders receded while backlogs were reduced as new orders were subdued.
  • Other highlights from the press release:
  • " The latest survey data signalled a further improvement in supplier performance, but the extent to which delivery times shortened was the weakest in six months."
  • "The rate of input price inflation quickened to a one-and-a-half-year high, but remained below the long-run trend. Charges for goods leaving the factory gate were broadly unchanged since June, indicating that firms refrained from passing on higher cost burdens to their clients."
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Small 2 tenth revision higher to EZ manufacturing PMI to 45.8.

  • Relative to June, only Italy and Ireland saw increases - with the other 6 countries seeing deterioration.
  • In terms of surprises today Italy surprised to the upside, Spain to the downside (to a similar extent) while France was only a tenth lower and Germany was revised up 0.6 points.
  • There's not much in these releases to change the narrative compared to the flash releases. As noted in the flash, new export orders receded while backlogs were reduced as new orders were subdued.
  • Other highlights from the press release:
  • " The latest survey data signalled a further improvement in supplier performance, but the extent to which delivery times shortened was the weakest in six months."
  • "The rate of input price inflation quickened to a one-and-a-half-year high, but remained below the long-run trend. Charges for goods leaving the factory gate were broadly unchanged since June, indicating that firms refrained from passing on higher cost burdens to their clients."