Eurozone PMIs took a surprise turn for the worse in October, with Composite PMI falling to 46.5 from September’s 47.2, the lowest since November 2020. Service PMI fell to a 32-month low of 47.8. German manufacturing weakness is spreading to French manufacturing, intensifying concerns about Eurozone weakness. In contrast, US PMIs outperformed expectations, making the US the only G-4 economy with a composite PMI above 50.
While US PMIs surprised to the upside this week, Eurozone PMIs took a surprise turn for the worse this week, with Composite PMI falling to 46.5 in October from September’s 47.2, the lowest since November 2020. -Service PMI fell to a 32-month low of 47.8 from 48.7, below all… https://t.co/v44Cman6o1
JPMORGAN: “The US PMI outperformed expectations and .. makes the US the only G-4 economy whose composite PMI is currently above 50 .. By contrast, today’s report remained concerning for the Euro area. .. we see downside risk to our near-term Euro area outlook.” https://t.co/WpDn08pk5U
German manufacturing has been weak for some time and is a topic of intense focus in markets. The surprise in today's October PMIs is that French manufacturing - after holding up remarkably - appears to be catching "down" to German weakness. Euro zone weakness is spreading... https://t.co/xynGKICqeu
US Manufacturing sporting a PMI with a 5-handle for the first time since Oct 22. (except for a brief blip in Apr 23) https://t.co/fPAkdj3mji
Oct S&P Global Manufacturing PMI at 50 - first time since April. Clear momentum building. Oct S&P Global PMI Svs at 50.9. Still expansion albeit small.
US manufacturing PMI 50 vs 49.5 est US service PMI 50.9 vs 49.9 est Composite PMI 51.0 vs 50.0 est Richmond Fed manufacturing index 3 vs 3 est Richmond Fed biz conditions -15 vs -5 last month