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(Kitco News) – It’s PMI Day around the world and so far it’s been a mixed bag towards U.S. numbers. Overnight, there was some positive news from China and Australia, as both nations remained in expansionary territory and Chinese manufacturers printed the first expansion in production since February at the end of the second quarter. The growth rate was the fastest observed since November 2020 and strong, with a number of companies linking the increase with the return to more normal operations and the reopening of production lines as they went alleviate the restrictions of COVID-19. In addition, there was good news for the sector, as the Chinese government announced a $ 45 billion stimulus program to pay for infrastructure projects.
So far, in Europe, the main reading of the EZ has been printed a little beyond the consensus of analysts. Chris Williamson, chief economist at S&P Global Market Intelligence, said: “Manufacturing in the eurozone fell in June, and production fell for the first time in two years amid falling demand. goods have fallen at an accelerated pace over the past two months, falling in June in all countries surveyed except the Netherlands, and even here the pace of growth has slowed markedly in recent months. ” It was practically the same in the German report, although the numbers gave a flat reading compared to expectations and above.
In the United Kingdom, production growth slowed to an almost stagnant pace and the capture of new orders declined for the first time since January 2021. The shortage of raw materials, the war in Ukraine and inflationary pressures they seemed to be the main concern. On the other hand, the report says employment growth was recorded for eighteen consecutive months in June. The increase in employment was related to higher production, staff shortages and efforts to reduce the backlog (which fell for the second month in a row). Personnel levels increased in the consumer goods, intermediate and investment sectors and in small, medium and large producers.
UK Manufacturing PMI (June) 52.8 (East 53.4; Previous 54.6)
Eurozone global manufacturing PMI S&P Jun F: 52.1 (east 52.0; previous 52.0)
Germany S&P Global / BME Manufacturing PMI Jun F: 52.0 (east 52.0; previous 52.0)
China Caixin Manufacturing PMI June: 51.7 (east 50.2; previous 48.1)
Australia Manufacturing PMI Jun F: 56.2 (previous 55.8)
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