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Soft PMI data points to weak growth as trade headwinds bite

Video Credit: Reuters - Business (Amazon FireT - Duration: 01:38s - Published < > Embed
Soft PMI data points to weak growth as trade headwinds bite

Soft PMI data points to weak growth as trade headwinds bite

Soft PMI data in Japan, Germany and the euro zone point to major economies still feeling the headwinds of the Sino-U.S. trade war.

Francis Maguire reports.

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Soft PMI data points to weak growth as trade headwinds bite

A soft set of business data hit investors Thursday.

IHS Markit's Flash PMIs show activity in German services fell in May.

The PMI down to 55.0 from a strong 55.7 performance a month before.

It's the first fall after four straight rises in the sector.

German manufacturing's tough 2019 also dragged on - falling from 44.4 in April to 44.3, Though IHS said the slight fall suggests the sector's recession is 'bottoming out', and may now enter a period of stabilisation.

Germany's weak data a key reason business morale fell more than expected in May.

The IFO index down to 97.9 from 99.2 the month before.

(SOUNDBITE) (German) IFO INSTITUTE PRESIDENT CLEMENS FUEST, SAYING: "The IFO index has declined.

Especially the assessment of the current situation has darkened, the outlook is more or less stable, which means the companies aren't more pessimistic about the future, but they say current business has weakened." While Germany slipped, euro zone business saw small signs of recovery this month - but not as much as expected.

The IHS Flash PMI nudged up 51.6 this month, from 51.5 in April.

The survey shows a contraction in the bloc's manufacturing industry as the Sino-U.S. trade war continues.

In Asia, Japan is another country to feel the effects.

At 49.6 from 50.2 the month, the manufacturing PMI slipped back into contraction in May.

As export orders - mainly to China - fell at the fastest pace in four month,




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