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Cyrus de la Rubia - 1
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Hamburg France
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☆ Europe stocks close lower with deal on U.S. debt ceiling still pending; Julius Baer down 7%
  + stars: | 2023-05-23 | by ( Jenni Reid Holly Ellyatt | Jenni Reid | Holly Ellyatt | ) www.cnbc.com   time to read: 1 min
The region's benchmark Stoxx 600 index closed 0.6% lower, with sectors mixed as trading came to a close. Household goods fell 2.5% as industrials dropped 1.3%, while oil and gas stocks gained 0.9%. The euro zone Composite Purchasing Managers' Index for May showed solid growth that continued to be driven by services, with manufacturing hit by weak demand and a fall in selling prices. "Eurozone GDP is likely to have grown in the second quarter thanks to the healthy state of the services sector. However, the manufacturing sector is a powerful drag on the momentum of the economy as a whole," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.
Persons: Cyrus de la Rubia Organizations: Hamburg Commercial Bank Locations: Hamburg, France
☆ Euro zone factory downturn deepened in April - PMI
  + stars: | 2023-05-02 | by ( ) www.reuters.com   time to read: +1 min
May 2 (Reuters) - Euro zone factory activity contracted further last month, albeit not by as much as initially thought, while the cost of raw materials fell at the fastest pace in nearly three years, a survey showed on Tuesday. The HCOB final manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, fell to 45.8 in April from March's 47.3, just beating a preliminary reading of 45.5 but well below the 50 mark separating growth from contraction for a 10th consecutive month. Input costs falling at the fastest pace since May 2020 meant factories barely increased their prices yet demand still weakened. The output prices index fell to a 29-month low of 51.6 from 53.4. That's because both the PMI flash services price data for April and the Eurostat data available through March for services inflation continue to reflect significant price pressures," de la Rubia added.
☆ Euro zone recovery unexpectedly gathering pace in April - PMI
  + stars: | 2023-04-21 | by ( ) www.reuters.com   time to read: +2 min
April 21 (Reuters) - The euro zone economic recovery has unexpectedly gathered pace this month as the bloc's dominant services industry saw already buoyant demand rise, more than offsetting a deepening downturn in manufacturing, surveys showed. For example, the gap between the partly booming services sector on the one hand and the weakening manufacturing sector on the other has widened further." But it was a different story for the bloc's manufacturers who saw demand decline faster. The sector's headline PMI fell to 45.5 from 47.3, its lowest since the coronavirus pandemic was cementing its grip on the world three years ago. An index measuring output, which feeds into the composite PMI and had spent two months in positive territory, fell to 48.5 from 50.4.
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