- Prior 51.4
- Services PMI 47.8 vs 47.0 expected
- Prior 46.9
- Composite PMI 48.6 vs 48.4 expected
- Prior 48.4
After the dismal French numbers earlier, this is arguably some little bit of comfort for investors despite German economic activity showing a contraction for a second month running. The Middle East conflict continues to bite at demand conditions while at the same time driving up price pressures in Europe’s largest economy.
As manufacturing activity starts to feel the heat now after the frontloading in March and April, the only bit of good news is that at least the services sector did not suffer worse conditions than seen in April.
More to come..
