7/1, 9:56 AM (Source: TeleTrader)
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German manufacturing downturn eases in June

Germany Manufacturing Purchasing Manager's Index (PMI) stood at 45.2 in June, representing a three-month high and an increase of 8.6 index points compared to the previous month, according to the latest report by IHS Markit and BME published on Wednesday.

The sector remained in contraction territory mostly due to declines in export sales and demand, the report noted. However, production and new orders have decreased at a slower pace, while the expectations regarding future output turned positive for the first time since February.

"The export market remains difficult, and probably will for some time. But it's not all bad on this front either, with German manufacturers already seeing sales returning in Asia, and to China in particular," Principal Economist at IHS Markit Phil Smith said in the report.

Breaking the News / MS