Global PMIs to test the growth pulse – Deutsche Bank

Deutsche Bank analysts suggest that we’ve got the global flash August PMIs today, which will give us a fresh opportunity to test the global growth pulse.

Key Quotes

“We’ve already had the data out in Japan this morning where the composite rose half a point to 51.7, helped by a 1.6pt increase in the services reading to 53.4 while the manufacturing reading remained in contractionary territory at 49.5, albeit up 0.1pt from July.”

“We’ll get the data for France, Germany and the Euro Area shortly and the consensus expects the composite reading for the Euro Area to have deteriorated slightly from 51.5 to 51.2, with the manufacturing and services readings expected to print at 46.2 and 53.0, respectively.”

“A reminder that the July numbers confirmed a reversal of the improvement seen in June with the composite reading roughly consistent with a low +0.2% qoq rate of growth. This data of course will be the single biggest growth data point ahead of the ECB meeting in 3 weeks’ time.”

“We should note that we’ll also get the data in the US where expectations are for a 50.5 manufacturing and 52.8 services print.”