Euro-Zone final April manufacturing PMI was revised up to 36.8 from 36.7 in March. This is a marked improvement from the reading of 33.9 in March. The Italian April manufacturing PMI improved to 37.2 from 32.6 in the previous month. The French reading was revised up to 40.1 from 40.0 reported initially and versus 36.5 in March. German sentiment was revised to 35.4 from 35.0 and versus 32.4 in the previous month. Data confirm that confidence has bottomed out, which is good news, even though readings remain firmly in negative territory, thus pointing to ongoing contraction in the manufacturing sectors of the Euro-Zone. Data are consistent with expectations for at least two more negative GDP numbers in Q1 and Q2, but a gradual stabilization in the second half of the year.
Al Bawaba
