The French economy has flipped int a tailspin after four consecutive monthly expansions according to the latest PMI data for June. Headline HCOB Flash France Composite PMI Output Index slipped from 51.2 to 47.3 to signal the fastest rate of decline since February 2021. Service sector activity showed renewed weakness in June as it also fell into contractionary territory. With ongoing aggressive ECB rate hikes 2023 faces further downside across these metrics that still are not reflecting a fraction of … Continue reading “France’s Deepening Economic Decline in Manufacturing and Renewed Reduction in Services”
European Manufacturing Production Rose First Time Since May 2022
European countries manufacturing PMIs in February remained in contraction (actual 48.5; prior 48.8) S&P Global flash indices show. Manufacturing production increased for the first time since May 2022, though fractionally. We continue to see mostly milder contractions but ongoing contractions, nonetheless. On a separate note, the European Central Bank began reducing holdings in its Asset Purchase Program portfolio today. With ongoing aggressive ECB rate hikes 2023 faces further downside across these metrics that still are not reflecting a fraction of … Continue reading “European Manufacturing Production Rose First Time Since May 2022”
Semiconductors Lift South Korean ICT Exports to All Time High in 2022
South Korea shipments of information and communications technology (ICT) products in 2022 reached an all-time high of USD 233.3 billion, up 2.5 percent from 2021. ICT exports achieved a trade surplus of $80.9 billion and make up 34.1% of Korea’s total annual exports. Imports went up 12.9% to $152.5 billion. ICT exports to most major regions expanded, however shipments to South Korea’s largest trading partner, China (including Hong Kong) shrank 4.9% to $102.3 billion as zero-COVID lockdowns and halted production lines … Continue reading “Semiconductors Lift South Korean ICT Exports to All Time High in 2022”
South Korean Trade Deficit Biggest Ever Since 1956 with Crumbling Won and High Energy Prices
South Korea for the full year of 2022, the trade balance posted a deficit of USD 47.2 billion, more than double of the previous record deficit of USD 20.72 registered in 1996, and the biggest ever figure since 1956. The trade deficit in South Korea surged to USD 4.69 billion in December 2022 from USD 0.43 billion in the same month a year earlier a preliminary figure showed. However, it was smaller than the market consensus of a 6.74 billion … Continue reading “South Korean Trade Deficit Biggest Ever Since 1956 with Crumbling Won and High Energy Prices”
UK PMI Shows Inflation Pressures at 16 Month Low but Uncertainty Hinders Employment
The UK manufacturing and service sectors contracted for a fifth month in December S&P Global flash PMI indices show. We continue to see mostly milder contractions but ongoing contractions, nonetheless. British companies cut staff for the first time since the COVID lockdowns of early-2021 with excess operating capacity developing relative to order book growth. Supplier delivery delays indicated the imbalance of supply and demand seen during the height of the COVID-19 crisis is now reversing. This shift saw Inflationary pressures … Continue reading “UK PMI Shows Inflation Pressures at 16 Month Low but Uncertainty Hinders Employment”
European PMI Shows Manufacturing and Services Improvement but Still in Contraction
European countries manufacturing and service sectors PMIs in December saw mostly improvements but nothing exciting S&P Global flash indices show. We continue to see mostly milder contractions but ongoing contractions, nonetheless. With ongoing aggressive ECB rate hikes 2023 faces further downside across these metrics that still are not reflecting a fraction of the lagging impact of tightened monetary policy. The S&P Global Eurozone Composite flash PMI® rose by one full point to 48.8 (47.9 consensus). Both the services (49.1, 48.5 … Continue reading “European PMI Shows Manufacturing and Services Improvement but Still in Contraction”
Germany December PMI Shows Declines in Manufacturing and Services Eased
German manufacturing and service sectors PMIs in December showed mostly modest improvements but nothing exciting S&P Global flash indices show. We continue to see the downturn in the German economy seen as easing. Recession risks overhang with the energy crisis and aggressive ECB rate hikes 2023 faces further downside across these metrics that still are not reflecting a fraction of the lagging impact of tightened monetary policy. German PMI December 2022 Firms’ costs notably rose at the slowest rate for … Continue reading “Germany December PMI Shows Declines in Manufacturing and Services Eased”
France Manufacturing and Services PMI Shows Deepening Downturn
The French flash French composite PMI slipped from 48.7 to 48.0 to signal a second consecutive monthly drop in output and the largest decline since November 2014 if the pandemic is excluded. France saw the steepest fall in its service sector activity for 22 months. There was a softening of the manufacturing downturn at the same time. With ongoing aggressive ECB rate hikes 2023 faces further downside across these metrics that still are not reflecting a fraction of the lagging … Continue reading “France Manufacturing and Services PMI Shows Deepening Downturn”
Eurozone Services, Manufacturing and Energy intensive Sectors Accelerate Lower in October
The Eurozone economy is falling the fastest since April 2013 barring pandemic lockdowns in October according to the latest S&P Global PMI™ data. Germany suffered the steepest economic contraction while growth in France merely stalled. Despite supply shortages showing further signs of easing, inflationary pressures remained elevated amid high energy costs and upward wage pressures. Manufacturing, and energy intensive sectors reported the steepest output loss. Services activity also continued to fall at an accelerating rate. Europe and UK Manufacturing PMI October … Continue reading “Eurozone Services, Manufacturing and Energy intensive Sectors Accelerate Lower in October”
European Economic Downturn Deepened in September Amidst Growing Gloom
European flash Manufacturing and Services PMI readings for September for the eurozone weakened while the U.K.’s Manufacturing PMI improved slightly but remained in contractionary territory according to the latest S&P Global PMI™ data. The eurozone saw output decline again. Soaring energy prices added further to companies’ cost burdens, and also limited production in some cases, pushing survey price gauges higher to indicate a renewed acceleration of inflationary pressures. Europe and UK Manufacturing PMI September 2022 Eurozone’s flash September Manufacturing PMI 48.5 … Continue reading “European Economic Downturn Deepened in September Amidst Growing Gloom”