Macro Focus - European PMI September 2020
European PMIs – Diverging fortunes of Services and Manufacturing

Manufacturing in Germany seems to finally be making solid gains after a long period of stagnation. Of course, it is recovering from a very low level but nonetheless it is a welcome sign for many European trade partners that supply the German industrial engine. 

French economy is losing steam. A sharp rise in new covid-19 cases and reintroduction of more restrictions affected the service economy negatively, as expected. The negative reading confirms suspicion that path to recovery is going to be long and windy. Fortunately, the drop does not resemble spring whatsoever. 

 
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Vytenis Šimkus Vytenis.simkus@swedbank.lt +370 687 17870

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