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Eurozone PMI at eight-month low

04 April, 2018, 02:11 | Author: Sara Gill
  • Strong Canadian manufacturing growth maintained in March

Although conditions in Indonesia's manufacturing sector improved in March 2018, reflected by rising manufacturing activity, the pace of growth declined compared to the preceding month. Attention and concerns is more focused on US-China trade tensions than NAFTA, it would reason.

"Recent tariff announcements were already reported to have added to inflationary pressures, and also led to the stockpiling of goods expected to rise further in price in coming months", Williamson said. Higher costs were driven, at least in part, by supply-chain constraints. New orders have also very strong so far in 2018, suggesting that some manufacturers will need more investment and/or employment in order to meet future growth in demand. On the other side of the currency pairing, the Euro was influenced by news that economic confidence in the Eurozone had fallen during March.

Analysts had expected a reading of 53.1 points.

The prices index was the only metric to increase in March, reaching 78.1% after landing at 74.2% in February.

"March saw the biggest fall in the manufacturing PMI since June 2011 and the third successive slowing in the pace of expansion".

Britain's PMI inched up to 55.1 in March from a downwardly revised 55.0 in February, beating the 54.7 consensus in a Reuters poll of economists.

New orders increased at a robust pace for the 18th month in a row thanks to greater sales to domestic and export clients.

A separate but similar survey from IHS Markit indicated manufacturing growth was at its highest level in three years. In fact, we think manufacturing growth in Malaysia will continue to hold up in the 1H18 as the IPI (Industrial Production Index) numbers for January went up 3%.

Factory activity has expanded in Mexico, which fueled jobs, but both input costs and output charges increased at sharper rates.

The headline IHS Markit/BME Germany Manufacturing PMI - a single-figure snapshot of the performance of the manufacturing economy - registered a reading of 58.2 in March, down from 60.6 in February. Although the rate of growth softened to a four-month low, the pace of expansion remained comfortably above the long- run series average.



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