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Free AccessMNI 5 Things: EZ Economy Ends Q2 Stronger Despite Weaker Spain
-- Eurozone Composite PMI Hits 54.9 In June, Up From 54.1 In May
By Jai Lakhani
LONDON (MNI) - The final reading of the IHS Markit Eurozone PMI Composite
Output Index for June was released on Wednesday, registering at 54.9 (Flash:
54.8; May: 54.1). Here are five things we learned from the release:
1. Eurozone Economic Growth Driven by Services: As projected in MNI's 5
Things Preview of the Eurozone Composite PMI, the services sector was the key
driver of increased activity in June, offsetting a further moderation in the
pace of manufacturing sector growth. Indeed, the final reading of the Eurozone
PMI Services Business Activity Index rose to a four-month high of 55.2 in June.
All in all, while the composite index indicates that the eurozone economy picked
up steam at the end of Q2, the pace of expansion in private sector activity
nonetheless remains relatively lacklustre, with the average reading for the
quarter as a whole (54.7) registering at its weakest level since Q4 2016.
2. Spain Reverses May Strength with June Weakness: National level data
showed that Spain was the only member state to see a deceleration over the
month. After having hit a three-month high in May, Spain's Composite PMI
decelerated to a 17-month low in June. Germany and Italy, meanwhile, continued
to see steady increases in the pace of private sector activity growth. Ireland
was the star performer of the month, with its Composite PMI rising to a 5-month
high of 58.1
3. Business Confidence Rises for First Time in 4 Months: Reassuringly,
business confidence improved slightly for the first time in four months in June.
Nevertheless, sentiment clearly remains at weighed levels, with June's reading
the second-lowest seen over the last ten months.
4. Improvements in New Business and Output: Both new orders and output
increased at accelerated rates in June. However, at least some of this boost was
a result of depressed activity in May, which saw an unusually high number of
holidays this year. The increase in new business nonetheless resulted in
backlogs of work rising for a 37th consecutive month.
5. PMI Data Point to Q2 Growth of Around 0.5%: The June PMI data support
the view that Eurozone GDP growth will come in at around 0.5% in Q2. "Eurozone
growth regained momentum in June, rounding off a respectable second quarter
performance, for which the survey data point to GDP rising by just over 0.5%"
Chris Williamson, Chief Business Economist at IHS Markit, commented.
--MNI London Bureau; +44 203 865 3828; email: jai.lakhani@marketnews.com
--MNI London Bureau; +44 207-862-7489; email: ukeditorial@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MAUDR$,MAUDS$,M$U$$$,M$X$$$,M$XDS$]
To read the full story
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Please enter your details below.
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.