But even Services report points to severe contraction in economic activity:
– Employment 53.3 (last 54.0)
– Export orders 45.3 (48.6)
– Price Pressure 60.4 (60.5) pic.twitter.com/zkpiC4vTQM— Mario Cavaggioni (@CavaggioniMario) July 24, 2023
WOW! #Germany's Manufacturing #PMI plummeted to 38.8, which points to outright #recession.
Services held above 50.
So, is this time different, and will Germany's self-inflicted wounds in the Manufacturing Sector not result in another German recession? pic.twitter.com/fUz7FwsDX4— jeroen blokland (@jsblokland) July 24, 2023
France and Germany in light recessions already!
July Manufacturing PMI at 38.8 in Germany
Horrible numbers and numbers you can basically only rebound from unless we are talking full-blown disaster
ECB unlikely to hike in Sep -> t.co/OsJuK3tRzS pic.twitter.com/m94H2C5sGB
— AndreasStenoLarsen (@AndreasSteno) July 24, 2023
Disastrous Manufacturing PMIs in Europe.
I am saying it for the first time, ECB is doing a mistake by raising rates at this juncture.
EUR unwinding will happen in no time, DXY is heading higher.
Those HF shorts will be burnt to the ground. pic.twitter.com/OqthkUT7Y1
— The Macro Guy (@SagarSinghSetia) July 24, 2023
“The eurozone economy will likely move further into contraction territory in the months ahead, as the services sector keeps losing steam,”
Meanwhile….
Judo Australian Service PMI in contraction territory again, small MFG sector there saw a bounce but still contracting
Composite PMI actual 48.3, previous 50.1
Lowest since December 2022 pic.twitter.com/ROlCMamJyr
— Don Johnson (@DonMiami3) July 23, 2023