Spanish Manufacturing PMI (Jun) 49.0 45.1 38.3
Switzerland June manufacturing PMI 41.9 vs 48.0 expected
Italian Markit Manufacturing PMI Jun: 47.5 (est 47.8; prev 45.4) French Markit Manufacturing PMI Jun F: 52.3 (est 52.1; prev 52.1 Germany June final manufacturing PMI 45.2 vs 44.6 prelim
Eurozone June final manufacturing PMI 47.4 vs 46.9 prelim ecco tutti i PMI manifatturieri usciti oggi. la spagna è quella che è salita di piu rispetto al dato previsto. francia e germania hanno migliorato leggermente il dato preliminae uscito alcuni giorni fa
l italia è peggio del previsto. in ogni caso, solo la francia segnala espansione, gli altri sono tutti in contrazione di mese in mese, nonostante la riapertura ormai completata vi segnalo questo interessante articolo sul PMI e sulle possibili distorisioni di questa survey, e su come deve essere letto il dato. LINK https://insights.abnamro.nl/en/2020/06/global-daily-why-are-pmis-still-pointing-to-falls-in-activityil commento si riferisce al dato di maggio, non al dato attuale. The PMI is calculated as a diffusion index of the sum of the percentage of ‘higher’ responses to a survey question and half the percentage of ‘no change’ responses. As such, a reading above 50 indicates an overall increase in activity compared to the previous month.
However, we already know from hard data (industrial production and other indicators) for May for instance that activity has recovered following the easing of lockdown restrictions, whereas the PMIs still pointed to massive contractions in May.
If the PMIs properly reflected the pickup in activity, they ought to be well above 50 by now.
Why are they not? We suspect that there are issues with how the surveys are being answered, with respondents perhaps comparing current activity to pre-pandemic levels rather than the previous month. This would make the current PMIs somewhat more comprehensible, although still not very helpful in gauging what is going on in the economy (except perhaps as a sentiment indicator). ===== l eurex è ancora chiuso e non si sa quando riaprirà | 
