Eurozone: Disappointing PMIs data - TDS

According to analysts at TD Securities, Eurozone’s flash PMIs for March were disappointing, with the Manufacturing PMI slipping to 47.6 and the Services PMI falling to 52.7.

Key Quotes

“The French PMI disappointed significantly, with both manufacturing (49.8) and services (48.7) dropping below the all-important 50 level. New export orders and "Gilets jaunes" protests were partly to blame for the decline.”

“The German Manufacturing PMI also plummeted this morning to 44.7, its lowest level in 6.5 years. The decline was led by the 7th consecutive fall in new export orders, with uncertainty and weaker demand in the auto sector also key factors. The Services PMI, meanwhile, remained strong at 54.9, flagging the strong divergence we've been seeing between domestic and foreign demand in Germany.”