April 18, 2019

April flash PMIs challenge expectations of activity rebound in Q2

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In Short

With a reading of 51.3, the euro area composite flash PMI for April receded again, thereby surprising on the downside.
April flash PMIs challenge expectations of activity rebound in Q2
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Highlights:

  • With a reading of 51.3, the euro area composite flash PMI for April receded again, thereby surprising on the downside.
  • The deterioration is due to lower service sector sentiment whereas manufacturing sentiment improved, in line with latest signals about strengthening global activity.
  • The details suggest that sentiment deterioration in Southern European economies (Italy, Spain) mainly stands behind the disappointing euro area PMI reading.
  • Today’s PMI data would suggest a meagre Q2 GDP growth rate of just 0.16% qoq, thereby challenging our view of strengthening activity in Q2.

Download the full publication below

APRIL FLASH PMIS CHALLENGE EXPECTATIONS OF ACTIVITY REBOUND IN Q2

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