Eurozone: Output slowing in Germany and France – TDS

Analysts at TD Securities point out that Eurozone’s November PMIs showed slowing output in both Germany and France.

Key Quotes

“The German Manufacturing PMI fell more than expected in November to a 32-month low of 51.6, on the back of slowing output and weak hiring. Backlogs of work fell for the first time in over 2 years on slower order book growth.”

“In France, the Services PMI fell slightly to 55.0. Firms noted that new client growth was strong. The French Manufacturing PMI fell slightly more than expected to 50.7 on the back of falling demand, particularly for autos - this is likely related to the regulatory changes that have been weighing on European production and demand in recent months.”