10/3, 9:56 AM (Source: TeleTrader)
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Germany's manufacturing activity worsens in Sept.

The activity in Germany's manufacturing sectors worsened in September, with the Purchasing Managers' Index (PMI) coming in at 47.8, hitting a 27-month low, S&P Global revealed in its latest report released on Monday.

The document revealed that the slump in new orders along with production cutbacks, as a result of the rising energy costs, and the shutdown of the Nord Stream 1 pipeline in September dragged the overall output activity down. According to the report, the companies commented that the two-and-a-half-year low is mostly attributed to weaker demand in China and a gloomy economic outlook globally.

"If demand continues falling in the months ahead as businesses are expecting, the passthrough of higher costs will inevitably become more and more difficult, thereby squeezing margins," stated Phil Smith, Economics Associate Director at S&P Global Market Intelligence upon the release of the data.

Baha Breaking News (BBN) / AB