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Manufacturing Sentiment Continues to Flag Demand Drop

FRANCE DATA
MNI (London)

FRANCE NOV MANUF. SENTIMENT 101 (FCST 102); OCT 103

  • French manufacturing sentiment cooled by two points to 101 in November, approaching the long-term average of 100 and markedly lower than the ytd average of 106.
  • This data adds to a slew of weak sentiment and PMI data, which is seeing continued declines in global and domestic order books which will likely see IP drag on growth as the bloc enters a winter recession.
  • Expected charging prices rose considerably, after cooling in October. As such, factory-gate inflation will remain elevated into year-end. Yesterday's PMI data saw price growth slow sharply, indicating that PPI is beyond the peak.
  • Weakening global and domestic demand conditions saw order books fall, driving the decline in the headline index.
  • Employment and production outlooks did see some improvement, implying that outlooks are likely to not worsen.

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