Data released moments ago at the start of the European session today, Thursday, May 22, showed divergences in most of the services and manufacturing Purchasing Managers’ Indexes (PMIs) in the Eurozone and the United Kingdom in the preliminary reading for May. The Eurozone services index continued to decline, reaching a 16-month low of 48.9 in May, compared to 50.1 in April’s revised reading. Meanwhile, the manufacturing index rose to a 33-month high of 49.4, up from 49.0 in March.

In detail, the French services PMI rose to 47.4 in May, compared to 47.3 in April, marking its highest reading in two months and falling short of expectations of 47.4. Meanwhile, the manufacturing PMI rose to 49.5 in May, its highest reading in 28 months, compared to 48.7 in April (expectations: 48.7).
In Germany, the services PMI fell to a 30-month low of 47.2 in May, compared to 49.0 in April, falling short of expectations of 49.6. The manufacturing PMI also rose to 48.8, compared to 48.4 in April, its highest reading in 33 months, matching expectations.

In a related development, data from the United Kingdom were mixed, as the manufacturing index fell below expectations in May at 45.1 points, recording its lowest level in two months, compared to the revised April reading of 45.4. On the other hand, the services index rose to its highest level in two months at 50.2, compared to the April reading of 49, which was expected (50).