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More bad news, economically speaking. Chinese manufacturing output is contracting at a faster rate this month, with a PMI of 48.3. The news is particularly bad for the eurozone, according to economists, as the index “is a reminder that a strong eurozone export recovery is unlikely”. “Any further recovery later in the year is likely to be very slow and bumpy.” However a Europe PMI showed a rise to 48.9 in May. Meanwhile, in the UK, small and medium-sized firms reported than export orders have fallen to their lowest level since January 2010, while stockpiles of finished products are at their highest levels since October 2011.


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