PMI revisions paint mixed picture of European industry

2:02 pm 1 September 2022

A range of manufacturing PMI indices for August from European countries was published this morning. Most of them were revisions of the flash data released in late-August therefore investors did not pay as much attention to them. However, there were some significant revisions, which is rather unusual.

  • Final Spanish manufacturing PMI came in at 49.9, better than flash reading of 48.7 and higher than expected 48.5

  • Final French manufacturing PMI climbed back above 50, more precisely to 50.6. Flash reading was reported at 49.0 and market expected no revision

  • Final German manufacturing PMI turned out to be worse than flash reading, coming in at 49.1 (flash: 49.8)

In spite of significant improvement in final data from Spain and France, the final index for whole euro area came in at 49.6, compared to 49.7 in initial reading. When it comes to Germany, moods are impacted by uncertainty over energy supplies as shortages would definitely lead to a drop in economic activity in the winter period.

Source: S&P Global

DE30 saw little reaction to the release, as is usually the case for final readings. The German index continued to move lower throughout the European morning trade but started to regain some ground around noon. However, DE30 continues to trade below the 78.6% retracement of the upward move launched at the turn of June and July.

Source: xStation5

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

Share:
Back

Join over 1 600 000 XTB Group Clients from around the world.