Eurozone business activity shrank for a second straight month in August as the cost-of-living crisis forced consumers to cut spending, while supply constraints also hit manufacturers. Specifically, S&P Global’s composite PMI fell to 49.2 points in August from 49.9 points in July, slightly higher than average estimates for a drop to 49 points. The latest […]
Tag: Eurozone
Eurozone: PMI data for services and manufacturing fall in August
The index manufacturing PMI The S&P Global index for the Eurozone has fallen one tenth in the preliminary reading for August, going down to 49.7 from 49.8 points in July, although it improves on the 49 expected by the market consensus. The figure announced today is the lowest seen in 26 months, specifically since June […]
EUR/USD should settle below parity for now – Commerzbank
Purchasing managers’ indices are released on Tuesday (PMI) of various European countries and the eurozone as a whole. If the data is located below 50 expansion signalwould another reason to take the EUR/USD pair below parityreport economists from Commerzbank. Things could start to get tough for the euro now “If PMIs reinforce recession fears by […]
Reuters: As the war in Ukraine continues, the European financial crisis intensifies
It was expected to be a good year for Europe. A post-pandemic consumer euphoria, supported by abundant government spending, was expected to boost the economy and help households regain a sense of normalcy after two dire years, Balazs Koranyi reports for Reuters. But all that changed on February 24 with the Russian invasion of Ukraine. […]
Bloomberg: Europe slips into recession as ECB considers next steps
Europeans returning from their summer vacation will find a more fragile economy at risk of buckling under the threats of energy bills, record inflation and tighter monetary policy, Bloomberg notes. PMIs due on Tuesday will likely show private sector output contracted for a second month, reinforcing signs that a recession in the 19-nation eurozone is […]
Eurozone: Inflation meets expectations in July and reaches new all-time highs at 8.9%
The Consumer Price Index (CPI) for the euro zone rose three tenths in the year-on-year reading for July, rising to 8.9%, its highest rate since the creation of the euro. The figure meets market expectations after posting 8.6% in June. The lowest annual rates were recorded in France, Malta (both 6.8%) and Finland (8.0%). The […]
Eurozone: Annual inflation at 8.9% in July, Greece at 11.3%
Eurozone annual inflation climbed to a new record of 8.9% in July, from 8.6% in June and 2.2% a year earlier, according to data released today by Eurostat. In the E.U. annual inflation stood at 9.8% in July from 9.6% in June and 2.5% a year earlier, the European statistics agency said. Eurostat data showed […]
Eurozone: Preliminary GDP for the second quarter grows 3.9% annually, but below the 4% expected
The Preliminary Gross Domestic Product (GDP) of the euro zone for the second quarter of the year stood at 3.9%, below the 5.4% of the first quarter and the 4% estimated by the market consensus. Although this is the fifth consecutive quarter with positive economic growth for the region, the one published today is the […]
ZEW economic sentiment data from Germany and the Eurozone fall to more than a decade low
The index ZEW economic sentiment from Germany has plummeted to -55.3 points in August compared to -53.8 previously and expected by the market. This is his worst result since October 2008. The German ZEW Current Situation has also retreated to -47.6 from -45.8 previously. Although it is the worst result recorded since April 2021, it […]
Eurozone: Recession the main scenario of the analysts now
The risk of a recession in the euro zone is now at its highest level since the pandemic hit in November 2020, as the energy crisis threatens to further push up record inflation, according to economists polled by Bloomberg. In particular, the probability of GDP contraction in two consecutive quarters – the technical definition of […]
