OctaFX | OctaFX Forex Broker
Open trading account
Back

Eurozone: PMIs dropped more dramatically than during the financial crisis – Nordea

Euro-area PMIs confirmed that the coronavirus-driven shutdowns are causing unprecedented declines in production levels, analysts at Nordea report.

Key quotes

“The Euro-area PMIs dropped more dramatically than during the financial crisis. The biggest decline was seen in the service sector which dropped to an all-time low of 28.4.”

“Although the decline was slightly less dramatic in manufacturing, the composite index declined to 31.4 – clearly below the 36.2 reported in 2009. Compared to the financial crisis, the decline in the PMIs was much steeper.”

“Germany’s PMIs plummeted across the board. The services PMI posted the biggest loss going down to a record low level of 34.5. The manufacturing PMI dropped less dramatically, to 45.7.” 

“In France, the flash PMI on services went down to an all-time low of 29, while the decline in manufacturing sent the composite index to 30.2.”

 

S&P 500 futures jump 5% and hit the limit-up band of 2,333.50

Despite the slump in the UK and Euro area services sector activity as well as the contraction in the factories, which points towards a recession, the
Read more Previous

BoE: Further measures to mitigate the impact on UK growth – UOB

Lee Sue Ann, Economist at UOB Group, reviewed the latest stimulus package announced by the Bank of England (BoE). Key Quotes “The monetary policy comm
Read more Next
Start livechat