US pending home sales rose by 3.2% M/M in March, while the consensus was looking for a flat outcome. The previous figure was slightly downwardly revised from 2.1% M/M to 2.0% M/M. Looking at the regional details, sales were rising in the south (8.5% M/M) and west (3.9% M/M), while sales dropped in the northeast (-5.7% M/M) and midwest (-1.0% M/M). This is the second consecutive increase in pending home sales and adds to the hopes that the worst in the housing market is behind us.
EMU: Manufacturing PMI slightly upwardly revised
The final figure of euro zone manufacturing PMI showed a slight upward revision in April. The headline index was revised up marginally to 36.8 from the first estimate of 36.7. The breakdown shows that the rebound in new orders was bigger than previously estimated (+6.7 to 37.7), while stocks of finished goods dropped to an all time low (36.4). The employment outlook remained almost stable at a record low level.
