PREVIOUS TRADING DAY EVENTS 22 Sep 2023

Eurozone PMIs show a grim picture again for the economy in that region. It will likely contract in the third quarter with no chance for significant growth.

The numbers for PMI services in the eurozone paint a grim picture, said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, adding he thought the economy would 0.4 contract this quarter. The main drag continues to come from manufacturing where the order situation deteriorated further.

The services PMI rose to 48.4 from 47.9, again in contraction. The manufacturing PMI has been sub50 since mid2022 and the latest headline index dipped to 43.4 from 43.5.

Source httpswww.reuters.commarketseuropeeurozoneeconomylikelycontractedthisquarterpmi20230922

The U.K.s PMIs were also showing a devastating picture for business conditions in both sectors. The Economy displayed clear recession signals. The services sector sank to its lowest since the pandemic lockdown of January 2021.

Other reports showed that retail sales rose in August, partially recovering from a raininduced plunge in July, and a measure of consumer confidence climbed to its highest since January 2022.

The disappointing PMI survey results for September mean a recession is looking increasingly likely in the UK, said Chris Williamson, chief business economist at SP Global.

Source httpswww.reuters.comworldukukrecessionriskdeepenscompaniesfalterpmi20230922

A  grim but better picture of business…