Free Trial
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
MNI (London)
Foreshadowed by French and German PMIs this morning, the eurozone aggregate May PMIs pointed to continued strength in services, whilst manufacturing dipped deeper into contractive territory. The outperformance of services vs manufacturing was the largest divergence since 2009.
- The eurozone manufacturing PMI fell 1.2 points to 44.6 (3-year low), against expectations of a marginal uptick. Meanwhile services cooled by 0.8-points to 53.3, 0.2pp lower than anticipated.
- Services selling price inflation quickened in May, as buoyant demand allowed firms to pass higher wage costs onto customers. Meanwhile manufacturing charges fell for the first time since September 2020 due to weak demand and lower raw material costs.
- Despite services orders continuing to expand, the rate of expansion slowed in May. Manufacturing orders fell at a sharper rate, increasing reliance on dwindling order backlogs.
- Job creation eased slightly due to lower manufacturing hires.
- Business confidence for the bloc dipped to a five-month low, markedly worse in manufacturing but also cooling in services.
- Dr. Cyprus de la Rubia, chief economist at Hamburg Commercial Bank noted that "Eurozone GDP is likely to have grown in the second quarter thanks to the healthy state of the services sector".
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok