Markit: Eurozone PMI at highest of 70 months
The PMI rose to reach 55.4 in February after a final reading of 55.2 recorded in January, although it stood slightly below the flash estimate of 55.5.
The data showed that the manufacturing sector and new orders increased at the fastest rate since April 2011. This was mainly driven by solid domestic demand in many markets and the contribution of the weak euro to the fastest growth of new export business of six years.
The rise in production and new work enabled more job creation in the month of February. As a result, employment was up for the thirtieth month in a row, although it was slightly down from January’s high.
The data showed that all countries in the region, except Greece, posted growth. In the meantime, the Netherlands, Germany and Italy recorded the highest PMI score of 58.3, 57.2 and 56.8 respectively. The Netherlands hit 70-month high while Germany recorded the highest reading of 69 months.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Initial ABS prices for July see larger increases than PS in Europe
- Supply constraints spark stronger PE trend than PP in global markets
- ABS, PS uptrend falters in China after H1 2020 ends at multi-month highs
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- 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