Mixed messages in big beat for German PMIs

Strong demand from China for manufactured exports, upbeat about the outlook but prices increased (with biggest rate of factory gate price inflation on record - since September 2002). Note most responses received before the lockdown was extended.

• Manufacturing "firms reported rising sales to Asia (particularly China), Europe and the US leading to record growth in goods export orders."
• "Manufacturers remained strongly upbeat about the year-ahead outlook for output. The degree of optimism was down slightly since February but still the third-highest on record (since July 2012). Service providers meanwhile raised their expectations for future activity, recording their highest level of confidence since March 2018."
• "Average prices charged for goods and services meanwhile rose to the greatest extent for two years in March. While services firms increased their output prices for the first time in three months, the main driver was a further acceleration in the rate of factory gate price inflation to a series record high (since September 2002)."