“HEADS UP: The world’s biggest economies will be publishing their June manufacturing PMI reports over the next two days. This is our scorecard.
“Fireworks are a given, even without minor considerations like the 4th of July!” exclaimed Societe Generale’s Kit Juckes.
This may be the most closely watched round of PMI reports in a long time as global economic growth hangs in the balance.
Last month, we learned that manufacturing activity was just above stagnation. The chart on the right from Markit summarizes all of the May and April PMI reports.
In recent weeks, volatility has returned to the the global financial markets as the Federal Reserve has signaled it could soon taper its stimulative bond-buying program. But any action would be conditioned on ongoing improvement in the U.S. economic data.
Abroad, China’s massive economy has shown signs of slowing as credit conditions have become tighter.
Meanwhile in Western Europe, the economies continue to be deeply troubled. However, they are also showing signs of improvement.
PMI
At the beginning of each month….”
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