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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
ECB minutes: Confidence in growth recovery fades
Minutes of the European Central Bank’s (ECB) April monetary policy meeting showed that central bank remained concerned about the Eurozone’s inflation staying too low and weaker than expected economic growth in the region. Further, the policymakers warned that the Eurozone economy might not rebound as expected.
Euro-zone manufacturing PMI surprisingly dropped in May
The flash manufacturing PMI in the Euro-zone eased unexpectedly to a level of 47.70 in May, compared to a reading of 47.90 in the previous month. Market anticipation was for the index to advance to a level of 48.10.
Euro-zone services PMI surprisingly dropped in May
The preliminary services PMI in the Euro-zone unexpectedly dropped to a level of 52.50 in May, lower than market expectations of a rise to a reading of 53.00. In the previous month, the index had registered a level of 52.80.
German manufacturing PMI unexpectedly fell in May
In Germany, the flash manufacturing PMI recorded an unexpected drop to a level of 44.30 in May, compared to a level of 44.40 in the prior month. Markets were expecting the index to advance to a level of 44.80.
US manufacturing PMI surprisingly declined in May
The preliminary manufacturing PMI in the US recorded an unexpected drop to a level of 50.60 in May, compared to a reading of 52.60 in the previous month. Market anticipation was for the index to remain unchanged.
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