Decreasing business sentiment in manufacturing reflects rising concerns on trade
US: Markit Manufacturing PMI (June): 54.6 vs 56.1 expected (prior: 56.4)
- A sharp fall in new orders has driven the index lower than expected; as seen in the eurozone, this could reflect rising concerns from the trade policy and the risks of protectionism.
US: Markit Services PMI (June): 56.5 as expected (prior: 56.8)
- Sentiment has eroded from past month, but was in line with expectations.
Eurozone: PMI Manufacturing (June): 55 as expected (prior: 55.5)
- Flash estimate index has weakened further from the prior month; this fall probably reflects rising concerns over trade dispute and related lower prospects on exports.
Eurozone: PMI Services (June): 55 vs 53.8 expected (prior: 53.8)
- Sentiment has rebounded in services from the prior month.
- Combined services and manufacturing index has slightly rebounded from the prior month, offering hopes of a stabilization of the eurozone activity during Q2 if concerns on trade ease somewhat.
Poland: M3 (May): 1.3% m/m vs 0.7% expected (prior: 0.2%)
- M3 was up by 6.6% y/y from 5.7% y/y the prior month.