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Free AccessNew orders weak, expectations low, price pressures less intense
- Very weak details in the German PMI report. New orders declining (and output would have been worse had it not been for the big backlogs of work), expectations the lowest in over 2 years and also price pressures (albeit still rising) not rising quite as quickly as previously.
- "Falling exports acted as a drag, while there were also signs of domestic demand coming under pressure from heightened economic uncertainty and sustained strong inflation. Firms’ expectations towards future activity slumped to their lowest since the first wave of the COVID pandemic over two years ago, with manufacturers growing increasingly pessimistic about the outlook."
- "Output of goods and services was supported somewhat by work on backlogs, masking an even weaker trend in inflows of new business. Overall new orders fell for the first time this year and to the greatest extent since June 2020. Services firms saw a first – albeit marginal – drop in new work for six months, attributing this to a growing reluctance among clients and price increases. However, the main drag came from manufacturing, where firms recorded a steep and accelerated decline in new orders that was the sharpest for two years."
- "Average prices charged for goods and services, on the other hand, rose at a slower rate in June. Although still among the quickest in the series history, the rate of inflation eased for a second straight month to the lowest since March. Slower rises in output prices were recorded across both monitored sectors."
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Why MNI
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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.