Data released moments ago at the start of the European session today, Wednesday, April 23, 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 April. The services PMI fell to its lowest level in five months, reaching 49.7 in April, compared to 51 points in March. Meanwhile, the manufacturing PMI rose to its highest level in 27 months, reaching 48.7 from 48.6 in March.
In detail, the French services PMI fell to 46.8 in April, compared to 47.9 in March, recording its lowest reading in two months and falling short of expectations, which had indicated a rise to 47.7. Meanwhile, the manufacturing PMI fell to 48.2 in April, recording its lowest reading in two months, compared to 48.5 in March (expectations: 47.9). From Germany, the services index fell to a 14-month low of 48.8 in April, compared to 50.9 in March, falling short of expectations for growth of 50.3. The manufacturing index also fell to 48.0, compared to March’s reading of 48.3, its lowest reading in two months, but exceeded expectations for growth of 47.5. Data from the United Kingdom was mixed, with the manufacturing index matching expectations in April at 44, recording a 20-month low, compared to March’s reading of 45.3. Meanwhile, the services index fell to a 27-month low of 48.9, compared to March’s reading of 52.5, which was forecast at 51.5.