Euro Area Data Update Soft PMIs and Consumer Confidence

Euro area macro data shows weakening PMIs, particularly in France, while German fiscal spending remains robust and consumer confidence shows a slight recovery.

Key Takeaways

• 1.The area-wide composite PMI decreased to 47.5, the lowest level since late 2023, missing expectations of 48.8.
• 2.France's economic activity showed a sharp broad-based decline, with the composite PMI reaching its lowest level since late 2020 at 43.5.
• 3.German fiscal expansion is materializing with April expenditures of EUR 45.8bn, significantly higher than year-over-year figures and forecasts.

Table of Contents

• BOTTOM LINE
• MAIN POINTS
• European Economics Team
• Disclosure Appendix

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