Eurozone manufacturing posts six month high in January
The upturn in the region’s manufacturing was attributed to improved conditions for factories following sharp declines in global crude oil prices as well as the European Central Bank’s (ECB’s) recent announcement of a new quantitative easing program.
Across the region, Germany’s PMI decreased to a reading of 51 compared with a reading of 51.2 posted in December. Germany’s reading also fell below analysts’ initial estimates, which called for a reading of 51.7. Data from France suggested an ongoing contraction, as the PMI was quoted at 49.5 in January compared with 47.9 in December.
Meanwhile, according to Markit, a gauge of services in the eurozone rose to a reading of 52.3 in January when compared to a reading of 51.6 in December to post a three month high. January’s reading came in slightly ahead of economists’ estimates, which called for an increase to a reading of 52.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem
- PE buyers’ resistance grows in SEA; duty-free origins more competitive than Mid-East
- Polymer demand cools in Turkey: Is price correction ahead for PP, PE and PVC?
- China’s rising PET trend takes a pause, but longer-term outlook remains firm
- Uptrend in China’s import PP market continues but cautious mood returns
- Hikes in Asia July PVC offers baffle some buyers, further rally under discussion
- Optimism is rising on resurgent demand in European polymer markets