Gavekal Capital: Unimpressive Manufacturing PMI Results Out of Europe

Monday, February 2, 2015

Unimpressive Manufacturing PMI Results Out of Europe

Markit's PMI Manufacturing survey data released today showed little change in euro area countries' headline readings, as most continued to hover around the all-important 50 level:

image

The largest monthly improvement was in France (~2 points) while Ireland's survey fell the most (~2 points), and no country came close to the three-point move posted by Austria last September:

image

Only Spain and Ireland have managed to improve much over the last year (about 4% each).  Meanwhile, the Manufacturing PMI has fallen the most for Austria and Germany on a year-over-year basis (about 10% each):

image