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☆ European inflation: Relief as producer prices fall for the first time since 2020
▼ + stars: | 2023-07-05 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —European policymakers will have breathed a sigh of relief Wednesday as a key measure of inflation revealed the first drop in prices since 2020. That’s the first time producer prices — which feed into prices paid by consumers — have notched a year-on-year decline since December 2020. The drop was driven by a steep 13.3% annual fall in producer prices in the energy sector, the data showed. According to June survey data published Tuesday, factory output in the euro area recorded its steepest fall since October. The euro area economy slipped into a recession over the winter, and there have been further signs of weakness in the April-June period.

Persons: who’ve, ” Cyrus de la Rubia Organizations: London CNN, Bank’s, ECB, Producers, Hamburg Commercial Bank Locations: Hamburg

☆ Euro zone business growth stalls in June -flash PMI
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 23 (Reuters) - Euro zone business growth virtually stalled this month as the downturn in manufacturing deepened while activity in the bloc's dominant services industry barely expanded, a survey showed on Friday. HCOB's flash Composite Purchasing Managers' Index (PMI) for the bloc, compiled by S&P Global and seen as a good gauge of overall economic health, sank to a five-month low of 50.3 in June from May's 52.8. That was barely above the 50 mark separating growth from contraction and below all forecasts in a Reuters poll which had predicted a more modest decline to 52.5. An index measuring output, which feeds into the composite PMI, fell to 44.6 from 46.4. Last week the ECB raised euro zone borrowing costs to their highest level in 22 years and said stubbornly high inflation all but guaranteed another move next month and likely beyond that too.

Persons: Cyrus de la Rubia, Jonathan Cable, Susan Fenton Organizations: P Global, May's, Hamburg Commercial Bank, PMI, Reuters, European Central Bank, ECB, Thomson Locations: Hamburg

☆ Euro zone business growth slowed in May as factories struggled-PMI
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

While still comfortably above the 50 mark separating growth from contraction it was below a preliminary estimate for 53.3. A PMI covering the services sector dropped to 55.1 from April's one-year high of 56.2, below the 55.9 flash reading. A manufacturing PMI released last week showed the downturn in factory activity deepened as demand slumped despite prices falling. "The services sector is being supported by the strong labour market, rising wages and a tourism sector that is flourishing throughout Europe," said de la Rubia. "The latter is confirmed by the new export business PMI, which includes tourism-related demand and remained near its series peak in May."

Persons: Cyrus de la Rubia, Jonathan Cable, Toby Chopra Organizations: P Global, April's, Hamburg Commercial Bank, PMI, European Central Bank, ECB, Thomson Locations: Hamburg, Europe

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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