The data out of Europe today are grim. Marc Chandler gave a quick summary this morning:
· Euro area mfg PMI 45.0 in May vs 46.0 in April
· Euro area non-mfg PMI46.5 vs 47.9
· German mfg PMI 45 vs 46.3
· German non-mfg PMI 52.5 vs 52.6
· French mfg PMI 44.4 vs 46.9
· French non-mfg 45.2 vs 45.2
· German May IFO 106.9 vs 109.9
· UK Q1 GDP -0.3% vs -0.1% initial estimate
Here’s a chart via Bloomberg that gives the overall picture. The data are poor in all regions including Germany and France.
Markit, which collects the data, says that the latest PMIs are consistent with GDP in Europe contracting 0.5% this quarter.