(News Bulletin 247) – The main European stock markets are up slightly this morning, Frankfurt and London gaining 0.3% ahead of Paris (+0.1%).
Investors took note this morning of the manufacturing PMI index for the euro zone at least June produced by S&P Global. This fell from 44.8 in May to 43.4 in June.
It thus remained below the 50.0 bar of no change for a twelfth consecutive month, also signaling the sharpest deterioration in the industrial situation in the euro zone since May 2020.
The survey data highlights the weakest performance of manufacturers since the initial wave of Covid19 (early 2020) in many Eurozone economies.
For its part, manufacturing activity in Great Britain recorded its sharpest contraction in six months in June, according to data from the S&P Global/CIPS survey of purchasing managers (PMI). The index thus contracted for the 11th consecutive month to stand at 46.5 against 47.1 in May.
Among the other macroeconomic indicators on the program for the week are the ISM services index in the United States, the latest ‘minutes’ from the Federal Reserve and the US employment report.
All of this data will allow market participants to build scenarios on the timing of interest rate hikes expected from the Federal Reserve, while recent statements by Jerome Powell, its chairman, have reinforced the hypothesis of at least two further rate hikes.
On the bond market, the yield on 10-year US government bonds fell a little towards 3.81% after stretching to almost 3.90% at the end of last week.
The German Bund of the same maturity, the real benchmark rate in the euro zone, fell to a lesser extent around 2.39%.
In European company news, AstraZeneca announces positive results from a Phase III trial of datopotamab deruxtecan (Dato-Dxd) in patients with locally advanced or locally advanced non-small cell lung cancer (NSCLC). metastasis treated with at least one previous treatment.
ABB announces that it will collaborate with Microsoft on the integration of Azure OpenAI Service into the ABB Ability™ Genix Industrial Analytics and AI suite.
HSBC Asset Management announces the appointment today of Pierre Gil as Chairman of the Management Board of HSBC Real Estate Investment Management (REIM).
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