Latest news with #HamburgCommercialBankAG
Yahoo
02-06-2025
- Business
- Yahoo
German manufacturing sees tentative signs of hope, PMI shows
(Reuters) - Germany's manufacturing activity fell in May, although the sector saw a third straight monthly increase in output driven by a continued rise in new export orders, according to a 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
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
Yahoo
02-05-2025
- Business
- Yahoo
German factory output shows signs of recovery in April
BERLIN (Reuters) - Germany's manufacturing sector contracted at the slowest rate in more than 2-1/2 years in April as output rose at the quickest rate for more than three years, a business survey showed on Friday. The HCOB Germany Manufacturing PMI compiled by S&P Global rose to 48.4 in April from 48.3 in March, taking the index to its highest level since August 2022, although remaining below the 50.0 threshold indicating growth. April saw a consecutive rise in production levels across the sector, with growth accelerating to the fastest since March 2022, supported by a stronger expansion in investment goods. New orders also increased for the second month, though at a slower pace, with export sales rising marginally for the first time since early 2022, the survey showed. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank AG, sounded a note of caution on the figures, however. "It is quite possible that the expansion in production over the past two months is due to pull-forward effects in connection with the impending US tariff increases, which means that there might be a backlash in the coming months," he said. Germany is expected to be hit hard by tariffs due to its export-oriented economy. The U.S. was Germany's biggest trading partner in 2024 with two-way goods trade totalling 253 billion euros. Despite the positive output trends, manufacturers' optimism over future business sank to its lowest level in four months. Sign in to access your portfolio
Reuters
03-04-2025
- Business
- Reuters
German services sector grows modestly in March, PMI shows
BERLIN, April 3 (Reuters) - Germany's service sector maintained modest growth in March, extending its expansion streak to four months, though the pace slowed as new business continued to decline, S&P Global reported on Thursday. The final HCOB Purchasing Managers' Index (PMI) for the services sector fell to 50.9 in March from 51.1 in February, staying slightly above the 50.0 threshold that indicates growth. "The service sector seems to be losing momentum, though it was not exactly racing ahead before," said Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank AG. Firms faced challenges with new business inflows dropping at the fastest rate in six months, driven by heightened uncertainty and slow decision-making among customers. The decline was partly attributed to reduced foreign orders, exacerbated by tough market conditions, competition and a stronger euro. Employment continued to rise, with the pace of job creation slightly accelerating from the previous month, the survey showed. Looking ahead, firms expressed increased optimism, buoyed by expectations of fiscal expansion in Germany and hopes for growth driven by new products, services, and technological change. "The fact that hiring is still happening and confidence in future business activity has even ticked up suggests we are not looking at a long-term slump," de la Rubia said.
Reuters
03-04-2025
- Business
- Reuters
Italy service sector growth weakens in March, PMI shows
ROME, April 3 (Reuters) - Italy's services sector grew for a fourth month running in March but at a modest rate slower than the month before, a survey showed on Thursday, as the euro zone's third-largest economy continues to struggle. The HCOB Italy Services Purchasing Managers' Index (PMI) fell to 52.0 in March from 53.0 in February, dropping closer to the 50 mark that separates growth from contraction. A Reuters survey of 13 analysts had pointed to 52.5. Hamburg Commercial Bank AG economist Jonas Feldhusen said that while services activity had softened in March, the sector continues to provide some support for the economy, while manufacturing remains in crisis. HCOB's sister survey for the manufacturing sector published on Tuesday showed contraction for a 12th month running in March and at a steeper rate than the month before. Thursday's services survey showed new business inflows lost momentum in March after accelerating sharply in February, and the subindex on expectations of future activity dropped to its lowest reading since October 2023. The composite PMI combining services and manufacturing fell to 50.5 in March from 51.9 in February, pointing to marginal expansion. The Italian economy eked out growth of 0.1% in the fourth quarter of last year from the previous three months, after stagnating in the third quarter. Analysts expect no significant acceleration in the near term.
