Germany manufacturing PMI
23-Jun-2023. Today's manufacturing PMI in Germany is 41,0 points (only) - and DAX is +25% yoy. Apart from the forced decline in 2020 during Covid, we had PMI levels like today in September 2019 (PMI 41.7 points; DAX +1.5% YoY), July 2012 (PMI 43.0 points; DAX -5,4% YoY), and in October 2008 (PMI 42.9 points; DAX -37.8% YoY).
Germany leading indicators
26-Jun-2023. In Germany, it's not just the manufacturing PMI that has fallen sharply lately. Similarly, today's IFO or ZEW, as well as the European Commission Economic Sentiment Indicator (ESI, latest data for May). Similarly, the OECD CLI (latest data for May) slowed its rebound in May and will probably (after future revisions) turn down as well. The average of the above indicators (z-score) marked a top in April this year - so June would be the second month of decline …
