Provisional May Eurozone PMI data out . 23 May 2016
- 51.7 prev
- services 53.1 vs 53.2 exp vs 53.1 prev
- composite 52.9 vs 53.2 exp vs 53.0 prev
Disappointing data for the Eurozone as a whole (16 month lows) after some more upbeat reports from France and Germany earlier.
Say Markit:
- The May Flash PMI reinforced the picture of subdued growth of eurozone economic activity, with few signs of any imminent improvement.
- The Markit Flash Eurozone PMI - which is based on approximately 85-90% of normal final monthly replies - slipped to a 16-month low of 52.9 in May, down from 53.0 in April.
- With the PMI having averaged 53.2 in the opening quarter, the latest two months' weak data suggest that economic growth has likely slowed in the second quarter.
- With new business growth also sliding to the lowest since January 2015, the survey data point to a strong likelihood of output growth remaining subdued or even weakening further in June
Euro suitably on the back foot. EURUSD 1.1215 EURGBP 0.7733 EURJPY 122.77
Full Markit report here
