020 7898 0500There was a raft of PMI data from Germany and the eurozone yesterday and the eurozone’s largest economy performed better than expected. July’s composite, manufacturing and services PMI in Germany all came in above forecasts, with readings of 55.2, 57.3 and 54.4 respectively, against expectation of 54.7, 55.5 and 54.3 respectively.
However, the picture wasn’t quite as rosy for the eurozone as a whole, as composite PMI came in below expectations and new business orders increased at their slowest pace for 20 months. The readings help show the effects of the ongoing trade battle with America and further tariffs could significantly impact the eurozone’s economy. However, if recent warnings are anything to go by, then the global economic recovery could be in trouble. It provides a fascinating backdrop to Juncker and Trump’s meeting later today.
Today we have the Ifo business climate reading from Germany, as well as its current conditions and expectations for July.
