European countries see mixed results for November production figures!
Spain's manufacturing figures showed a slight decline in November, according to the HCOB manufacturing purchasing managers' index (PMI), coming in at 53.1 and down from 54.5 in October. That was less than analysts' forecasts of 53.5.
Product and news orders were lower, partly due to heavy flooding in the eastern region of Valencia, which caused widespread disruption in parts of Spain from late October, S&P Global reported. Although growth was slower, it was still the 10th consecutive month that Spain experienced output growth, bucking the general trend across Europe.
New export orders rose at their highest rate since September 2021, with international sales also rising. Buying and hiring activity also increased, albeit at a slower pace. However, inflationary pressures appeared to have been brought under control, with confidence in Spain's outlook rising to its highest level since May this year.
Istanbul Chamber of Industry Türkiye manufacturing PMI for November was also revealed on Monday, increasing to 48.3, from 45.8 in October. This was the eighth month in a row that Turkey experienced economic contraction, as reflected by a PMI below 50.
However, the decline in growth was the smallest since May and could indicate that demand will slowly start to recover. Similarly, the decline in both new export business and new orders also slowed. The drop in output in November was also the smallest since April.
Job creation grew at the fastest pace since July 2023, while employment also rose. However, companies still experienced difficulties in winning new business.
The final reading for France's HCOB manufacturing PMI for November fell to 43.1, from 44.5 in October. This was also below market expectations of 43.2. November's figure marked the sharpest drop since January, marking the 22nd consecutive month of economic contraction.
New orders fell at the fastest pace since May 2020, mainly due to a drop in international demand as well as lower domestic demand. Demand from Germany and the US was particularly sluggish.
As a result, inventory levels and purchasing activity also fell, as companies focused more on protecting cash flow levels. Construction, automotive and cosmetics production weakened in particular, with employment also seeing a continued decline.
The final reading for Germany's HCOB manufacturing PMI for November came in at 43.0, the same level as October. That was slightly below analysts' expectations of 43.2, underscoring that the manufacturing sector was still contracting.
New orders and output continued to fall in November, albeit at a slower pace than October. However, employment fell at a faster pace, as did inventories and purchasing activity.
Competitive pressures and demand also remained weak, causing further declines in output prices as well as input costs. Despite this, business expectations rose for the second consecutive month, although economic and political uncertainty were still hitting confidence.
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