{"id":121094,"date":"2025-11-21T13:17:24","date_gmt":"2025-11-21T09:17:24","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=121094"},"modified":"2025-11-21T13:17:29","modified_gmt":"2025-11-21T09:17:29","slug":"germany-pmi-momentum-fades-as-manufacturing-slips-back-services-cool","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/germany-pmi-momentum-fades-as-manufacturing-slips-back-services-cool\/11\/21\/market-updates\/","title":{"rendered":"Germany PMI: Momentum fades as manufacturing slips back, services cool"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Germany\u2019s private-sector expansion lost steam in November, with factory output contracting again and services growth easing, flash survey data showed Friday.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Composite PMI (HCOB\/S&amp;P Global):<\/strong> 52.1 vs 53.9 in October \u2014 a two-month low, but above the 50 growth threshold for a sixth straight month.<\/li>\n\n\n\n<li><strong>Manufacturing PMI:<\/strong> 48.4 vs 49.6 prior (consensus 49.8) \u2014 deeper in contraction. New export orders posted their sharpest drop since January, driving faster backlog depletion and a modest pickup in job losses.<\/li>\n\n\n\n<li><strong>Services PMI:<\/strong> 52.7 vs 54.6 prior (consensus 54.0) \u2014 growth cooled more than expected.<\/li>\n<\/ul>\n\n\n\n<p>Officials at the finance ministry said only a <strong>\u201cmoderate recovery\u201d<\/strong> is likely by year-end. Even so, manufacturers\u2019 <strong>future output expectations<\/strong> improved, supported by anticipated demand in <strong>defence and civil engineering<\/strong> tied to government investment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Market take<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>EUR rates\/ECB:<\/strong> Softer PMIs\u2014especially the negative surprise in manufacturing\u2014tilt risks toward a weaker growth mix and could reinforce expectations that the ECB stays patient, watching disinflation vs. growth softness.<\/li>\n\n\n\n<li><strong>Bunds:<\/strong> Growth disappointment typically supports duration; curve could bull-flatten on haven bids.<\/li>\n\n\n\n<li><strong>FX (EUR):<\/strong> Mixed\u2014services still expanding, but the factory undershoot and export drag are EUR-negative at the margin.<\/li>\n\n\n\n<li><strong>Equities:<\/strong> Domestic cyclicals and export-sensitive names face pressure; defence\/infrastructure might find relative support given capex signals.<\/li>\n<\/ul>\n\n\n\n<p>Bottom line: Germany remains in expansion, but the <strong>engine is misfiring on the industrial side<\/strong>, with services no longer offsetting as strongly. Near-term momentum looks fragile until external demand stabilizes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Germany\u2019s private-sector expansion lost steam in November, with factory output contracting again and services growth easing, flash survey data showed Friday. Composite PMI (HCOB\/S&amp;P Global): 52.1 vs 53.9 in October \u2014 a two-month low, but above the 50 growth threshold for a sixth straight month. Manufacturing PMI: 48.4 vs 49.6 prior (consensus 49.8) \u2014 deeper &hellip;<\/p>\n","protected":false},"author":9,"featured_media":30717,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[6839,5867],"class_list":["post-121094","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-germany","tag-ifo"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=121094"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121094\/revisions"}],"predecessor-version":[{"id":121095,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/121094\/revisions\/121095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/30717"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=121094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=121094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=121094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}