Euro area manufacturing PMI falls to two-year low

  • by Ahmed Mamdouh
  • October 1, 2018, 8:20 AM
  • 291 Views
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Euro area manufacturing Purchasing Managers’ Index slipped to the lowest level in two years in September on global trade war fears.

The final manufacturing PMI data released on Monday was revised down to 53.2 from an initial of 53.3, missing forecasts, siding from 54.6 in August.

“The slowdown can be linked to sluggish demand and increased risk aversion among customers, often linked to worries about trade wars and tariffs, but also ascribed to rising political uncertainty and higher prices,” said Chris Williamson, Chief Business Economist at IHS Markit.

On Wednesday, the euro area will release the final services PMI for September, which would provide a complete picture about the growth last month.

As of 08:19 GMT, the euro traded lower at $1.1597 after it hit a low of $1.1573 one hour before the release of the news.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at Ofeed.com, with 11 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from the American University in Cairo and a Bachelor Degree in Economics from the Faculty of Economics and Political Science, Cairo University.

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