French and German PMIs back below 50, while China PMI hits 4-month low

Markit’s composite Eurozone PMI hit 48.7 for the March flash estimate, a 3-month low, with German and France slipping back below 50, missing estimates. Germany Manufacturing PMI is at 48.1, a 4-month low, and France manufacturing PMI dropped to 47.6, also a 4-month low.

The chart below from Bloomberg Brief‘s Michael McDonough shows the PMI along side with Eurozone GDP growth.

Meanwhile, the HSBC/Markit China Manufacturing PMI dropped to 48.1 after rising for 3 months, hitting a 4-month low. The chart below, also from Bloomberg Brief’s Michael McDonough, shows the HSBC Manufacturing PMI along side with the official PMI. As always, as the HSBC PMI is biased towards smaller companies, it is showing consistently weaker numbers than the official one.

The charts below show the official PMI and some of its sub-components

Source: National Bureau of Statistics

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About Zarathustra

Zarathustra: Founder and Managing Editor of Also sprach Analyst. Once an analyst, now an investor and entrepreneur. Based in Hong Kong, but Londoner at heart.