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New orders weak, expectations low, price pressures less intense

GERMAN DATA
  • 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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