Noor Trends News, Technical Analysis, Educational Tools and Recommendations
A preliminary survey published on Monday showed business activity contracted in Germany in July, raising the possibility of a recession in the second half of the year.
The Hamburg Mercantile Bank’s composite purchasing managers’ index released by Standard & Poor’s Global fell to 48.3 in July from 50.6 in June, lower than analysts’ expectations of a reading of 50.3.
Thus, the index fell below the fifty-point level that separates growth from contraction for the first time since January.
The survey showed that the downward trend was led by the manufacturing sector, whose PMI fell to 38.8 from 40.6 amid a rapid decline in demand for goods.
The slowdown in service sector growth that began last month continued in July. The sector PMI reading decreased from 54.1 to 52.0.
