Markit released a slew of manufacturing PMIs today and the eurozone was the most heavily watched amongst the bunch. The data show Europe still contracting, but at a less pronounced pace. I believe this could be a positive harbinger.
The eurozone manufacturing PMI rose to 48.3 in May from 46.7 in April, where anything below 50 means contraction. That is 22 consecutive months of contraction for Europe. If GDP comes in for Q2 below Q1's reading it will also mark 7 straight quarters of GDP decline for the eurozone. So the economic situation for Europe is pretty bleak.
Here are the links to Markit's PMI data press releases via twitter:
Markit/CIPS UK Manufacturing PMI hits 51.3 in May, up from 50.2 in Apr (rev.) and strongest reading since March 2012 (14-month high).
Markit Greece Manuf...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.