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☆ ECB'S 25-basis-point rate cut was 'quite OK,' economist says
▼ + stars: | 2024-10-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB'S 25-basis-point rate cut was 'quite OK,' economist saysCyrus De La Rubia, chief economist at Hamburg Commercial Bank, says European Central Bank President Christine Lagarde "sounded rather dovish."

Persons: Cyrus De La Rubia, Christine Lagarde Organizations: Hamburg Commercial Bank, Central Bank Locations: Hamburg

☆ ECB likely to reduce rates this month — but no further cuts expected in 2024, economist says
▼ + stars: | 2024-09-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailECB likely to reduce rates this month — but no further cuts expected in 2024, economist saysCyrus de la Rubia, chief economist at Hamburg Commercial Bank, discusses the outlook for Germany’s economy and looks ahead to the European Central Bank’s forthcoming meeting.

Persons: Cyrus de la Rubia Organizations: ECB, Hamburg Commercial Bank, Central Locations: Hamburg

☆ Menga Dolmen: Engineering behind Neolithic monument revealed
▼ + stars: | 2024-08-23 | by ( Katie Hunt | ) edition.cnn.com time to read: +8 min

CNN —Each of the 32 colossal stones that make up the Menga Dolmen, a 5,600-year-old megalithic monument in southern Spain, is many times bigger than the largest megaliths at Stonehenge, the most famous Neolithic wonder. The upright stones that make up the walls of the chamber were not perfectly vertical, tilting inward at a gentle angle to make the building narrower at the roof than at the floor and creating a trapezoid-shaped chamber. The team calculated that each of the upright stones lean inward at a largely uniform angle of 84 to 85 degrees. The upright stones that form the walls also lean sideways against one another at a consistent angle. The Menga Dolmen sits atop a hill near Antequera, Spain.

Persons: ”, Leonardo García Sanjuán, “, it’s, “ I’d, Mike Parker, Pearson, ” Parker, Pearson wasn’t, José Antonio Lozano Rodríguez, plumb, Miguel Ángel Blanco, García Sanjuán, Parker, Leonardo García, We’ve Organizations: CNN, Boeing, Spain’s University of Seville, University College London, Oceanographic Center Locations: Spain, Europe, Antequera

☆ ECB: Interest rates are coming down in Europe
▼ + stars: | 2024-06-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The European Central Bank cut interest rates Thursday, moving before the US Federal Reserve and the Bank of England to lower borrowing costs as inflation recedes following years of rate hikes. Central banks in Switzerland and Sweden have also cut interest rates this year. Analysts doubt the central bank will cut rates again at its next meeting in July. It added that it would keep interest rates “sufficiently restrictive for as long as necessary” to return inflation to the 2% target. Higher interest rates tend to attract more international capital flows into a country, lifting demand for its currency.

Persons: Christine Lagarde, Cyrus de la Rubia Organizations: London CNN, European Central Bank, US Federal Reserve, Bank of England, ECB, Bank of Canada, P Global, Hamburg Commercial Bank, Fed, Traders Locations: Ukraine, United States, United Kingdom, Switzerland, Sweden, Hamburg, Frankfurt, Europe

☆ Euro zone business activity grows at fastest pace in almost a year, PMI shows
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: +1 min

Euro zone business activity expanded at its fastest pace in almost a year last month as a resurgence in the bloc's dominant services industry more than offset a deeper downturn in manufacturing, a survey showed on Monday. That was its second month above the 50 mark separating growth from contraction and the highest since May last year. The services PMI leapt to 53.3 from 51.5, above the flash estimate of 52.9 and its highest reading since last May. A sister survey released last week showed factory activity in the euro zone took a turn for the worse in April, highlighting the divergence between the two sectors. The composite future output index dipped only slightly from March's 61.6 - its highest since February 2022 - to 61.6.

Persons: Cyrus de la Rubia Organizations: P Global, Service, Hamburg Commercial Bank, PMI Locations: March's, Hamburg

☆ Arda Güler: Teenage star scores on debut start as Real Madrid nears La Liga title
▼ + stars: | 2024-04-27 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +1 min

CNN —While Arda Güler’s first season with Real Madrid may have been relatively uneventful, on Friday the 19-year-old nevertheless helped push Los Blancos one step closer to another La Liga title. Güler scored the early winner in a 1-0 victory against Real Sociedad, his second goal for the Spanish club. As expected with the changes, Real Madrid was far from its best. Helios de la Rubia/Real Madrid/Getty Images“I’m very happy for the goal and the victory,” Güler said postgame, per Real Madrid. Real Madrid boss Ancelotti said of Güler: ” … he is going to be a very important player for us in the future.

Persons: Arda Güler’s, Güler, Carlo Ancelotti, Jude Bellingham, Vinícius Júnior, Antonio Rüdiger, Helios, la, ” Güler, Ancelotti, ” Organizations: CNN, Real Madrid, La Liga, Real Sociedad, League, Bayern Munich, Real Locations: Spanish, Madrid, Fenerbahçe, La, Real Madrid

☆ Fall in euro zone business activity adds to recession expectations
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

A waiter picks up the terrace of the Zurich bar at Placa de Catalunya in Barcelona, Spain April 4, 2023. A PMI for the services sector rose to 48.7 from October's 47.8. "The sombre outlook is reinforced by the fifth consecutive monthly shrinkage in new business. An index measuring new business - a gauge of demand - was below 50 for a fifth month although it did rise to 46.7 from 45.6. The composite future output index rose to 56.0 from 55.6.

Persons: Nacho, Cyrus de la Rubia, Jonathan Cable, Susan Fenton Organizations: Placa de, REUTERS, P Global, PMI, Hamburg Commercial Bank, Thomson Locations: Zurich, Barcelona, Spain, October's, Hamburg

☆ Euro zone factory downturn eased a touch in November -PMI
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ina Fassbender/File Photo Acquire Licensing RightsLONDON, Dec 1 (Reuters) - The broad-based downturn in euro zone manufacturing activity eased slightly last month but the sector remained deeply rooted in contractionary territory, prompting factories to trim staffing levels for a sixth straight month. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 44.2 in November from October's 43.1, above a preliminary estimate of 43.8. An index measuring output, which feeds into a composite PMI due on Tuesday and seen as a good gauge of economic health, climbed to 44.6 from 43.1. "November has not been the prettiest, and this does not refer only to the weather but also to the situation in the manufacturing sector of the euro zone," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The employment index dropped to a low not seen since August 2020 when the COVID-19 pandemic was cementing its grip on the world.

Persons: Ina Fassbender, Cyrus de la Rubia, Rubia, Jonathan Cable, Toby Chopra Organizations: ThyssenKrupp AG, REUTERS, P, Hamburg Commercial Bank, Thomson Locations: German, Duisburg, October's, Hamburg

☆ German housebuilding is collapsing — and could drag the economy down with it
▼ + stars: | 2023-11-15 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +4 min

Fast forward two years, and German housebuilding looks like it's collapsing, putting pressure on both his hard-to-reach goal, but also the overall economy of the country. Over 22% of companies surveyed reported the cancellation of residential construction projects in Germany in October, a new record high. Expectations for the residential construction industry fell to what the Ifo described as an "exceptional low." "Things continue to go from bad to worse in Germany's construction sector. But it's also the jobs market that could be impacted by troubles in the homebuilding sector, Brzeski noted.

Persons: Soeren, Germany's Olaf Scholz, —, Cyrus de la Rubia, Carsten Brzeski, Brzeski, Klaus Wohlrabe, Wohlrabe, it's Organizations: Getty, Ifo Institute for Economic Research, Hamburg Commercial Bank, German Federal, Office, ING, CNBC, European Central Bank, ECB, European Commission Locations: downtown Wittenberg, Germany, Hamburg

☆ ECB pauses interest rate hike campaign as recession in Europe looms
▼ + stars: | 2023-10-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The European Central Bank (ECB) held off raising interest rates Thursday for the first time in 15 months as evidence mounts of a deepening economic downturn in Europe. The ECB kept the benchmark interest rate in the 20 countries that use the euro at 4%, its highest level since the launch of the currency in 1999. The decision to pause after 10 consecutive rate hikes follows a series of data showing a continued decline in inflation and a further slowdown in economic activity. A survey published Tuesday of euro area companies in manufacturing and services showed a steep decline in output as demand weakened. “There is much to suggest that a recession in Germany is well underway,” de la Rubia said this week.

Persons: ”, Cyrus de la Rubia, la Rubia Organizations: London CNN, European Central Bank, ECB, Companies, Hamburg Commercial Bank, Global, PMI Locations: Europe, Hamburg, ” Germany, Europe’s, Germany

☆ Euro zone PMI hits lowest in nearly 3 years, stirs recession worries
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +3 min

HCOB's flash euro zone Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good guide to overall economic health, fell to 46.5 in October from September's 47.2, its lowest since November 2020. "In the euro zone, things are moving from bad to worse," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. "We wouldn't be caught off guard to see a mild recession in the euro zone in the second half of this year with two back to back quarters of negative growth." While the 20-country euro zone will narrowly dodge a recession, according to a recent Reuters poll, the economy was expected to have only flatlined last quarter and will do the same again in the current one. The composite employment index fell to 49.4 from 50.8.

Persons: Sarah Meyssonnier, Cyrus de la Rubia, Rubia, Jonathan Cable, Hugh Lawson Organizations: Carrefour, REUTERS, P Global, Hamburg Commercial Bank, Service, PMI, Reuters, Thomson Locations: Montesson, Paris, France, September's, Hamburg

☆ German business activity slump suggests recession 'well underway' -PMI
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The HCOB German Flash Composite Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 45.8 in October from September's 46.4, below the 46.7 forecast by economists. A reading below the 50 level points to a contraction in business activity. The composite PMI index tracks the services and manufacturing sectors that together account for more than two-thirds of the German economy, Europe's biggest. Business activity in the services sector was unexpectedly back in contraction territory after slight growth the month before, with the reading falling to 48.0 from 50.3 in September. Well there are, especially in the manufacturing sector," said de la Rubia, pointing to improvements in new orders and output, as well as an increase in stocks of purchases.

Persons: Wolfgang Rattay, Cyrus de la Rubia, la, Miranda Murray, Hugh Lawson Organizations: REUTERS, Rights, P Global, Hamburg Commercial Bank, PMI, Reuters, Thomson Locations: ThyssenKrupp, Duisburg, Germany, September's, Hamburg

☆ Euro zone economy likely contracted in Q3 as demand faltered -PMI
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, nudged up to 47.2 in September from August's 46.7. Wednesday's survey showed the downturn was broad-based as, like in August, output declined in both services and manufacturing. "The HCOB Composite PMI for the euro zone did rebound a bit. A PMI covering the bloc's dominant services industry remained sub-50 for a second month but did rise to 48.7 from 47.9. Indeed, euro zone firms bulked up their teams at a faster pace than in August.

Persons: Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: P Global, August's, PMI, Hamburg Commercial Bank, Thomson Locations: Germany, France, Hamburg

☆ German service sector activity edges up in Sept -PMI
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Oct 4 (Reuters) - Activity in Germany's services sector edged up slightly in September, following a drop the month before, a survey showed on Wednesday. The HCOB final services Purchasing Managers' Index (PMI) rose to 50.3 in September from to 47.3 in August, rising back above the 50 level that signals growth in activity. "The recently started downturn in the German services sector looks like it is sticking around for a while," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The composite PMI index, which comprises services and manufacturing, rose to 46.4 in September from 44.6 in August, signalling a softer rate of contraction of private sector business activity overall.

Persons: Wolfgang Rattay, Cyrus de la Rubia, la Rubia, Maria Martinez, Hugh Lawson 私 Organizations: REUTERS, Rights, Hamburg Commercial Bank Locations: ThyssenKrupp, Duisburg, Germany, Hamburg

☆ Euro zone economy likely contracted in Q3
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, nudged up to 47.2 in September from August's 46.7. Wednesday's survey showed the downturn was broad-based as, like in August, output declined in both services and manufacturing. "The HCOB Composite PMI for the euro zone did rebound a bit. In one bright spot, services firms increased headcount at a faster pace last month than they did in August. Indeed, euro zone firms bulked up their teams at a faster pace than in August.

Persons: Wolfgang Rattay, Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: REUTERS, P Global, August's, PMI, Hamburg Commercial Bank, Thomson Locations: Duisburg, Germany, France, Hamburg

☆ Euro zone factory activity stuck in steep downturn in Sept - PMI
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A steel worker of ThyssenKrupp walks in front of a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, November 14, 2022. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsLONDON, Oct 2 (Reuters) - Euro zone manufacturing activity remained mired in a deep and broad-based downturn last month, according to a survey which showed on Monday that demand kept shrinking at a pace rarely surpassed since the data was first collected in 1997. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, dipped to 43.4 in September from August's 43.5, matching a preliminary estimate. An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, fell to 43.1 from 43.4. The new orders index did rise last month, to 39.2 from August's 39.0, but it remained firmly below the breakeven mark.

Persons: Wolfgang Rattay, Cyrus de la Rubia, Jonathan Cable, Hugh Lawson Organizations: REUTERS, P, PMI, Hamburg Commercial Bank, European Central Bank, Thomson Locations: Duisburg, Germany, August's, Hamburg, France, Spain, Italy

☆ Euro zone August downturn deeper than was thought
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 5 (Reuters) - The decline in euro zone business activity accelerated faster than initially thought last month as the bloc's dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession. REUTERS/Jon Nazca Acquire Licensing RightsThe headline services PMI sank to 47.9 from 50.9, below the flash 48.3 estimate, as indebted consumers feeling the pinch from increased borrowing fees and high living costs reined in spending. The new business index, a gauge of demand, dropped further below breakeven to 46.7 from 48.2, a low not seen since early 2021. Still, the downturn in manufacturing eased last month, suggesting the worst may be over for the bloc's beleaguered factories, a sister survey showed on Friday. The composite employment index dropped to 50.2 from 51.4.

Persons: Cyrus de la Rubia, Jon Nazca, Employers weren't, Jonathan Cable, Hugh Lawson Organizations: P Global, Hamburg Commercial Bank, REUTERS, PMI, Employers, Thomson Locations: July's, Hamburg, Ronda, Spain

☆ German business activity suffers steepest decline since May 2020
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kai Pfaffenbach Acquire Licensing RightsBERLIN, Aug 23 (Reuters) - German business activity contracted at the fastest pace for more than three years in August, a preliminary survey showed on Wednesday. A deepening downturn in manufacturing output was accompanied by a renewed contraction in services activity. Business activity in the services sector contracted for the first time in eight months. The manufacturing PMI rose to 39.1 in August from 38.8 in July but remained deeply in contraction territory, the survey showed. There was an increase in inflationary pressures, driven by accelerated cost and price increases in the service sector.

Persons: Kai Pfaffenbach, Cyrus de la Rubia, Rubia, Maria Martinez, Hugh Lawson Organizations: REUTERS, Rights, P Global, Hamburg Commercial Bank, Services, Thomson Locations: Frankfurt, Germany, Hamburg

☆ Germany’s economy hasn’t looked this weak since the start of the pandemic
▼ + stars: | 2023-08-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

That’s the lowest reading since May 2020, when the country began gradually lifting stringent pandemic restrictions. “Any hope that the service sector might rescue the German economy has evaporated. The figures add to evidence that Germany’s economy is sputtering again after it emerged from a winter recession in the second quarter by the narrowest of margins. “The downward pressure on the economy of the eurozone in August stems mainly from the German service sector,” said De la Rubia. “Activity has started to shrink while prices have shot up again, even picking up pace,” De la Rubia said.

Persons: stoking, ”, Cyrus de la Rubia, —, De la, “, De la Rubia, ” Andrew Kenningham Organizations: London CNN —, Hamburg Commercial Bank, P Global, P, European Central Bank, ECB, Capital Economics Locations: London CNN — Germany, Hamburg, Germany, Europe, “

☆ Economic data in Europe just went from bad to worse
▼ + stars: | 2023-08-23 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

An emloyee works on the assembling of a brake caliper for an electric vehicle in Dueren, western Germany. A reading above 50 marks an expansion in activity, while one below 50 marks a contraction. If pandemic months are excluded, the latest numbers point to the lowest reading since April 2013. In terms of the breakdown between services and manufacturing, the former dropped to a 30-month low at 48.3 and the manufacturing PMI rose slightly from 42.7 in July to 43.7 this month. "Considering the PMI figures in our GDP [growth] nowcast leads us to the conclusion that the euro zone will shrink by 0.2% in the third quarter," Rubia added.

Persons: Dow Jones, Cyrus de la, Rubia Organizations: Hamburg Commercial Bank, PMI Locations: Dueren, Germany, Hamburg

NEW YORK/LONDON, Aug 10 (Reuters) - Lean times faced by many U.S. and European companies may last longer than expected as they try to sell off their bulging inventories in an economic climate where demand is stalling. Full-to-bursting warehouses means fewer orders for manufacturers, which translates into lower levels of business activity and, ultimately, weaker growth. Now, global demand is falling as borrowing costs have risen, so companies have started running down stocks. Maersk controls about one-sixth of global container trade, transporting goods for a host of major retailers and consumer goods companies. Refinitiv I/B/E/S data shows U.S. and European companies are expected to report their worst quarterly results in years.

Persons: Vincent Clerc, Hugo Boss, Moller, Stanley Black, Decker, destocking, Levi Strauss, Rajiv Sharma, Arun Sundaram, Guillermo Novo, Cyrus de la Rubia, Siddharth Cavale, David Gaffen, Josephine Mason, Mark John, Jonathan Cable, Helen Reid, Jane Merriman Organizations: U.S, Maersk, Heineken, 3M, . Bureau of Labor Statistics, CFRA Research, Retailers, BASF, London, Rutgers University, Hamburg Commercial Bank, doesn't, Thomson Locations: Ukraine, U.S, United States, Ashland, Hamburg, New York, London

☆ Euro zone factory July activity fell at fastest pace since onset of COVID -PMI
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

There was considerable weakness seen in Germany, Europe's largest economy, while France and Italy, the second- and third-largest euro zone economies, also recorded marked deteriorations since June. HCOB's final euro zone manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 42.7 in July from June's 43.4, its lowest since May 2020 and matching a preliminary reading. "It looks like the manufacturing recession is here to stay in the euro zone," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. Demand fell sharply even though sinking input costs - which fell at the fastest pace since mid-2009 due to increased competition among suppliers - allowed factories to slash their charges. The output prices index was down to a near 14-year low of 45.0 from 47.0.

Persons: Cyrus de la Rubia, Rubia, Jonathan Cable, Susan Fenton Organizations: P Global, Hamburg Commercial Bank, European Central Bank, ECB, Thomson Locations: Germany, Europe's, France, Italy, HCOB's, June's, Hamburg

☆ IMF raises global growth forecast despite China's recovery 'losing steam'
▼ + stars: | 2023-07-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

watch nowThe International Monetary Fund on Tuesday raised its growth forecast for the global economy, turning slightly more positive despite slowing momentum from China. In the latest update to its World Economic Outlook, the IMF raised its 2023 global growth prediction by 0.2 percentage point to 3%, up from 2.8% in its April assessment. "The global economy continues to gradually recover from the pandemic and Russia's invasion of Ukraine. In China, the recovery following the reopening of its economy shows signs of losing steam amid continued concerns about the property sector, with implications for the global economy," Gourinchas said. This is due to weaker manufacturing output and lower growth performance during the first quarter of this year, the IMF said.

Persons: Pierre, Olivier Gourinchas, Gourinchas, Cyrus de la Rubia Organizations: Monetary Fund, Economic, IMF, Hamburg Commercial Bank Locations: China, Ukraine, U.S, United States, Beijing, Germany

☆ Scientists warn against the 'poor scientific practices' of assuming all ancient societies were male-led after an 'ivory man' is found to be an 'ivory woman'
▼ + stars: | 2023-07-10 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Researchers in Spain discovered the remains of a nobleman were that of a woman. Scientists hope this will challenge preconceived notions about women's roles in ancient societies. A team of researchers from the University of Seville used a new method of analyzing the sex of ancient remains. This was "at a time where no male attained a remotely comparable social position," the study notes. The scientists hoped their discovery would encourage other researchers to reevaluate preconceived notions about women's roles in ancient societies.

Persons: Miguel Ángel Blanco, Ivory Lady, Leonardo García Sanjuán, García Sanjuán, wasn't Organizations: Service, ATLAS, University of Seville, AP, Ivory Locations: Spain, Wall, Silicon, Valencina, Western

☆ Euro zone business activity contracts in June
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 5 (Reuters) - Euro zone business activity slipped into contractionary territory last month in a broad-based downturn across the bloc's dominant services industry and a deepening decline of factory output, a survey showed. HCOB's final Composite Purchasing Managers' Index (PMI), compiled by S&P Global and seen as a good gauge of overall economic health, slumped to 49.9 in June from May's 52.8. The slowdown in business activity growth was accompanied by a weaker rise in new business, lower price increases and a decline in business expectations," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The services new business index was barely above breakeven at a five-month low of 51.0. In one bright spot pricing pressures eased significantly in June with the composite output prices index falling to 53.8 from 56.4, its lowest since March 2021.

Persons: Kai Pfaffenbach, Cyrus de la Rubia, Jonathan Cable, Susan Fenton Organizations: P Global, May's, PMI, European Central Bank, REUTERS, Hamburg Commercial Bank, Thomson Locations: Frankfurt, Germany, Hamburg

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