Europe’s PMIs
China’s HSBC PMI data came out weaker this morning in Asia, falling from 51.5 to 50.5. Coupled with USDJPY slipping back below 99, stock markets have fallen across the region. Later today Purchasing Managers’ Indices are released across Europe. These will be closely followed to see if the renewed slowdown in the Eurozone is gathering pace. UBS Economics expects April’s flash estimates will show further weakness with Germany’s manufacturing data likely to decline from 49.0 to 48.0 and services from 50.9 to 50.0.
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UBS