Latest news with #HCOB
Yahoo
7 days ago
- Business
- Yahoo
Italy service sector sees stronger growth in May, PMI shows
ROME (Reuters) -Italy's service sector expanded for a sixth month running in May and at the fastest pace for nearly a year, a survey showed on Wednesday, offering hope for firmer growth in the euro zone's third-largest economy. The HCOB Purchasing Managers' Index (PMI) for services rose to 53.2 in May from 52.9 in April, beating expectations and moving further above the 50.0 threshold that separates growth from contraction. A Reuters survey of 11 analysts had pointed to a reading of 52.0. Hamburg Commercial Bank economist Nils Muller said the highest services PMI reading since June last year was "underpinned by resilient domestic demand and a steady inflow of new business." The survey's new business subindex came in at 52.4, down from 52.7 in April but still clearly above the 50 threshold, while the services employment indicator rose to 52.2 from 51.2. "While the pace of new order growth softened slightly, it remained elevated by historical standards, suggesting that the recovery is gaining traction," Muller said. HCOB's sister survey for the manufacturing sector, published on Monday, showed contraction for a 14th straight month in May, but offered some signs of stabilisation. The composite PMI, combining manufacturing and services, climbed to 52.5 in May from 52.1 the month before, posting the highest reading since April 2024. Italian gross domestic product increased by 0.3% in the first quarter from the previous three months, national statistics bureau ISTAT reported last week. The latest moderately positive signs come after Prime Minister Giorgia Meloni's government in April halved its forecast for full-year growth in 2025 to 0.6%, in the face of mounting uncertainty linked to U.S. trade policies. 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
Reuters
7 days ago
- Business
- Reuters
Italy service sector sees stronger growth in May, PMI shows
ROME, June 4 (Reuters) - Italy's service sector expanded for a sixth month running in May and at the fastest pace for nearly a year, a survey showed on Wednesday, offering hope for firmer growth in the euro zone's third-largest economy. The HCOB Purchasing Managers' Index (PMI) for services rose to 53.2 in May from 52.9 in April, beating expectations and moving further above the 50.0 threshold that separates growth from contraction. A Reuters survey of 11 analysts had pointed to a reading of 52.0. Hamburg Commercial Bank economist Nils Muller said the highest services PMI reading since June last year was "underpinned by resilient domestic demand and a steady inflow of new business." The survey's new business subindex came in at 52.4, down from 52.7 in April but still clearly above the 50 threshold, while the services employment indicator rose to 52.2 from 51.2. "While the pace of new order growth softened slightly, it remained elevated by historical standards, suggesting that the recovery is gaining traction," Muller said. HCOB's sister survey for the manufacturing sector, published on Monday, showed contraction for a 14th straight month in May, but offered some signs of stabilisation. The composite PMI, combining manufacturing and services, climbed to 52.5 in May from 52.1 the month before, posting the highest reading since April 2024. Italian gross domestic product increased by 0.3% in the first quarter from the previous three months, national statistics bureau ISTAT reported last week. The latest moderately positive signs come after Prime Minister Giorgia Meloni's government in April halved its forecast for full-year growth in 2025 to 0.6%, in the face of mounting uncertainty linked to U.S. trade policies.
Fibre2Fashion
7 days ago
- Business
- Fibre2Fashion
Eurozone manufacturing grows for third straight month: S&P Global
The euro area manufacturing sector recorded its third consecutive month of output growth in May, reflecting stabilising demand and easing contraction trends, according to the latest HCOB PMI survey by S&P Global. The PMI rose to 49.4 from 49.0 in April, the highest since August 2022, edging closer to the 50.0 no-change mark. 'With output rising for three months in a row, historical patterns suggest there is a 72 per cent chance we will see another increase in the next month. Of course, one big risk on the horizon is the possibility of the US significantly hiking tariffs on EU imports. That could definitely cast a shadow over the outlook,' Dr Cyrus de la Rubia, chief economist at Hamburg Commercial Bank (HCOB), said commenting on the PMI data. Eurozone manufacturing grew for a third month in May, with the PMI rising to 49.4. Greece led, while Spain returned to expansion. France nearly stabilised; Germany remained weakest. Demand steadied, export orders improved, and business confidence hit a 27-month high. Input costs fell, aiding ECB rate cut prospects, says HCOB's de la Rubia. Notably, Greece led performance among monitored countries, with Spain returning to expansion after months of decline. France's manufacturing activity nearly stabilised, reaching a 28-month high, while Germany remained weakest, though its downturn softened. Demand conditions improved, with export orders nearing stability and backlogs of work declining at their slowest rate since June 2022. 'In May, Europe's industrial engines seemed to be running in sync. Production rose in Germany, France, Italy, and Spain, suggesting that shared factors are driving the upswing. Among them is the US tariffs, which likely prompted US buyers to place orders early. That said, France has not benefited from this trend as much as its peers,' Rubia added. Purchasing activity, employment cuts, and inventory reductions were all moderated. Input costs dropped for the second straight month, at the fastest pace in over a year, prompting some firms to lower output prices. Business confidence strengthened significantly, reaching its highest level since February 2022 and surpassing the historical average. 'The ECB is getting some tailwinds for its expected interest rate cuts. The industrial sector has started cutting its sales prices again after two months of increases, giving the central bank some extra room to move on with its interest rate cuts. Lower energy prices, which have helped bring down input costs, are likely the main driver behind this shift,' Rubia said. Fibre2Fashion News Desk (HU)
Yahoo
02-06-2025
- Business
- Yahoo
German manufacturing sees tentative signs of hope in May, PMI shows
(Reuters) -Germany's manufacturing activity fell in May, although output saw a third straight monthly increase driven by a continued rise in new export orders, according to the latest HCOB PMI survey released on Monday. The headline HCOB Germany Manufacturing Purchasing Managers' Index (PMI) registered 48.3 in May, slightly down from April's 48.4. A reading below 50 indicates contraction, marking the thirty-fifth consecutive month of sub-50 readings. Despite the overall PMI remaining in contraction territory, production volumes increased for the third month in a row, supported by a second consecutive monthly rise in new export orders. International sales grew at a modest pace, with stronger demand reported across Europe and increased sales to the U.S., partly driven by stockpiling ahead of potential tariff increases. "Most people have got so used to gloomy headlines from the industrial sector that the good news often slips under the radar," said Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank AG. "Production has now increased for the third month in a row, and foreign orders have been on the rise for two straight months." Employment continued to decline, although the rate of job shedding was the softest since January 2024. Purchasing activity came close to stabilising, marking the smallest decline since mid-2022, and contributing to a slower fall in input stocks. On the price front, average factory gate charges showed a renewed decline, driven by competitive pressures and a further steep drop in input costs. Input prices eased again, influenced by factors such as lower oil prices and a stronger euro. Business expectations rebounded in May, reaching the highest level since February 2022, buoyed by hopes of increased public sector spending and a potential trade agreement between the U.S. and EU. Sign in to access your portfolio
Qatar Tribune
23-05-2025
- Business
- Qatar Tribune
Eurozone business activity contracts in May
Agencies Business activity in the eurozone contracted for the first time in five months in May, weighed down by surprising weakness in the services sector, the bloc's engine in the past, a closely watched survey showed Thursday. Europe's growth has trailed global peers, particularly the U.S., since the pandemic and predictions for a rebound have been proven wrong time and again as firms hold back investment, households sit on savings and governments fail to enact the sort of structural policies that would reduce inefficiency. The closely watched composite HCOB Purchasing Managers' Index (PMI) for the bloc dropped to 49.5 in May from April's 50.4, dropping below the 50 mark separating growth from contraction and falling short of the 50.7 expectation in a Reuters poll of economists. The figure is especially worrisome for services, the driver of growth in recent years, as it was the main culprit in the decline, although economists cautioned against reaching firm conclusions since the noise generated by rapidly shifting U.S. trade policy was a key factor. This week, the European Commission, the EU's executive body, cut its economic growth forecast for 2025 to 0.9%, from a previous prediction of 1.3%. The reduced output in services – 48.9 in May compared with 50.1 in April – stood in contrast with growth in manufacturing output of 51.5 in May, unchanged from April. 'The trade war is weighing on the eurozone economy, but likely mostly through the uncertainty channel rather than direct trade effects so far,' ING economist Bert Colijn said. 'Sluggishness remains the name of the game for eurozone economic activity, and risks seem to be to the downside for the short term as the trade war could intensify,' Colijn added. While even HCOB acknowledged that figures were weak, it said there was some good news in the outlook. 'There are reasons for confidence in the longer term,' HCOB chief economist Cyrus de la Rubia said. 'The recovery in manufacturing is broad-based, with encouraging signs coming out of both Germany and France.' 'Germany, in particular, might be gearing up to reclaim its role as the euro zone's economic engine, thanks to a potentially very expansionary fiscal policy,' he said. Germany plans a historic spending package to boost defense and invest in infrastructure. Signalling heightened expectations for the new German government, the Ifo Institute's monthly sentiment indicator rose a touch more than predicted this month and expectations rose sharply in both wholesale and retail trade. 'The German economy is slowly regaining its footing,' Ifo President Clemens Fuest said. Economists added that seven interest rate cuts by the European Central Bank (ECB) in the past year were also propping up sentiment and reducing cost, especially since the bank is still not done easing and a few more steps are likely. 'The fifth consecutive increase in the Ifo business climate index shows that German companies defied Trump's tariff shock also in May,' Commerzbank economist Joerg Kraemer said. 'Apparently, the positive effects of the ECB's rate cuts outweigh the higher tariffs.' Still, economists said the lukewarm readings on current business conditions combined with only a modestly optimistic outlook add up to tepid growth, fraught with downside risks. The ECB and the European Commission both see the eurozone growing by less than 1% this year, much like last year, and see risks tilted to more negative outcomes, especially if the trade war intensifies.
