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Manufacturing PMI Rises To a New High of 61.8 in May

CZECHIA
  • This morning (9.40am London time), two opposition groups will hold a joint news conference about their plan to initiate a no-confidence vote in PM Adrej Babis minority government.
  • As a reminder, opposition parties have tried to remove leader Babis from power (over terrible management of the Covid19 crisis and conflict of interest over his control of trust funds linked to his Agrofert business empire), but have very little chance in doing so and therefore the Czech legislative election is very likely to be held as originally planned on October 8/9.
  • This morning, we saw that GDP growth contracted by 2.1% in Q1 (as expected, second print), and manufacturing PMI rose to a new high of 61.8 in May (vs. 59 exp.).
  • Next economic data to watch is the average real monthly wage YoY coming out on June 4.
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