Germany March flash manufacturing PMI 41.6 vs 43.1 expected ...Middle East

Prior 42.5Services PMI 49.8 vs 48.8 expectedPrior 48.3Composite PMI 47.4 vs 47.0 expectedPrior 46.3It's a tale of two sides again for Germany as manufacturing conditions remain dire but at least offset by a stronger services sector performance. There was also a slight decline in employment and at the balance, this will just rebuff expectations of a June rate cut by the ECB. HCOB notes that:"Germany is not getting back on track. The manufacturing sector closed the first quarter of 2024 with a disconcerting rate of contraction, echoing the woes of the previous month. By contrast, the services sector has managed to hold its ground, maintaining activity at the weak levels observed in February. O

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