汇丰银行-全球宏观经济-no signs of hard landing global pmi wrap-up-20170706-hsbc

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1、6July2017NosignsofhardlandingECONOMICSGLOBALGlobalPMIwrap-upTheglobalcompositePMIeasedslightlyinJuneFabioBalboniEuropeanEconomistThemanufacturingsectorseemspastitspeakbutitlookslikeHSBCBankplcfabio.balboni@hsbc.comtherewon'tbeanyhardlanding…+442079920374…whilsthealthyjobcreati

2、oncontinuestosupportservicesactivity1.CompositePMIs–WorldataglanceSource:Markit,HSBCTheglobalcompositePMIeasedslightlyto53.7inJune,from53.8inMay,althoughitremainsjust0.2pptofftheJanuarypeak.Tocloudthepicture,newordersandemploymentbothpickedup,withthelatterreachingthehighestprintintwo

3、years.ThenewsofthemonthisthatthecompositePMIshavefinallyeasedalittleintheeurozoneaftereightconsecutivemonthlyincreases,suggestingthatgrowthmightbestartingtocooloffafteraverystrongstartoftheyear.TheglobalmanufacturingPMIwasbroadlystable,at52.6,althoughemploymentgrowthpickedupslightly,

4、reachingthehighestlevelsinceFebruary.ThemanufacturingPMIscontinuedtoriseintheeurozone,reachingthehighestlevelinoversixyears,andrevertedbacktoexpansionaryterritoryinChina,whileeasingoffintheUSforthefifthconsecutivemonth(althoughtheISMsurveypointstoamuchrosierpicture).Theimpressionisth

5、atthepeakintheglobalmanufacturingcycleisbehindus,butitdoesnotlooklikewearegoingtogetahardlanding.MiFIDII–ResearchOntheservicesfront,theglobalPMIfellby0.1pptbutremainatveryhighlevels(53.8).Thereductionwasmainlydrivenbytheeurozone,wherethePMIfellbacktothelevelsIsyouraccessagreed?seenat

6、thebeginningoftheyear,andChina,whilsttheUSsawanotherhealthyrise.CONTACTustodayDisclaimer&DisclosuresIssuerofreport:HSBCBankplcThisreportmustbereadwiththedisclosuresandtheanalystcertificationsinViewHSBCGlobalResearchat:theDisclosureappendix,andwiththeDisclaimer,whichformspartofit.http

7、s://www.research.hsbc.comECONOMICS●GLOBAL6July2017ManufacturingTheglobalmanufacturingPMIcameinat52.6inJune,thesamelevelasinMay,andthejoint-lowestTheglobalmanufacturingPMIsinceNovemberlastyear.Neworderseasedoffalittle,buttheemploymentcomponentpickedup,wasstableat52.6inJunereaching

8、thehighestle