November PMI data – weak as expected
The November industry PMI data that was released this week was, as expected, weak. For Germany, the average for 4Q declined further and is now pointing towards stagnating industrial production. In France, the poll data is currently slightly above the averages from 3Q; however, the values are still below the growth threshold level of 50 and thus point towards a further decline in industrial production. For the entire Eurozone, the data has weakened further and currently indicates stagnation or a slight decline of industrial production in 4Q. The rather gloomy outlook for industrial production points towards general weakness of the Eurozone economy in 4Q. Next week’s (November 27) flash data for the European business climate will be published and will deliver further insights regarding the state of the Eurozone economy. In October, the index rose slightly.
Industry PMIs continue to slide in 4Q
The picture remains mixed globally. The November Industry PMI data for China indicates, just as for the Eurozone, stagnation of industrial production. In contrast, the industry poll data from the US has recently risen further and points towards ongoing dynamic development of industrial production.
This document is intended as an additional information source, aimed towards our customers. It is based on the best resources available to the authors at press time. The information and data sources utilised are deemed reliable, however, Erste Bank Sparkassen (CR) and affiliates do not take any responsibility for accuracy nor completeness of the information contained herein. This document is neither an offer nor an invitation to buy or sell any securities.
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