Latest news with #CyrusdelaRubia
Fibre2Fashion
05-07-2025
- Business
- Fibre2Fashion
Eurozone manufacturing shows signs of stabilisation amid modest growth
The HCOB Eurozone Manufacturing PMI rose slightly to 49.5 in June from 49.4 in May, marking a 34-month high but still below the neutral 50 mark, indicating only a slight deterioration. However, the Manufacturing PMI Output Index fell to 50.8 from May's 51.5, reflecting a modest slowdown in growth. Production volumes rose for the fourth consecutive month, supported by stable order books and backlog clearance. New orders stabilised, ending a 37-month decline, while export sales also halted their downward trend, S&P Global said in a press statement. However, employment continued to fall for the 25th straight month, with input buying and inventories further trimmed. Supplier delivery times lengthened for the first time since January, and purchasing costs dropped for the third month in a row, leading to a slight reduction in output prices. Eurozone Manufacturing PMI rose to 49.5 in June, a 34-month high, though still below neutral. Output growth slowed slightly, while new orders and exports stabilised. Production rose for a fourth month, but employment and input buying declined. Ireland and Greece led growth; Germany improved. Optimism hit its highest since February 2022, with signs of recovery. Country-wise, Ireland (53.7) and Greece (53.1) led growth, followed by Spain (51.4) and the Netherlands (51.2). Germany improved to 49, its best in 34 months, while Austria (47.0), Italy (48.4), and France (48.1) saw deeper declines. 'There are signs of some stabilisation in the manufacturing sector. Companies have now expanded production slightly for the fourth month in a row,' said Cyrus de la Rubia, chief economist, Hamburg Commercial Bank (HCOB) . He noted that while uncertainties remain, the cycle may be turning due to necessary upgrades and replacements. 'Encouragingly, four of the eight eurozone countries... are now in expansion territory,' Rubia added, though France, Italy, and Austria are weighing on growth,' added Rubia. 'If Germany enters the growth zone, which we believe is likely given the new government's growth package, among other things, these countries could receive a positive boost, as Germany is their most important export destination.' 'A relatively high degree of optimism can be observed among manufacturers. In June, this indicator rose to its highest level since February 2022,' said Rubia, citing strong sentiment in Germany and Spain despite declining confidence in France and Italy. Fibre2Fashion News Desk (SG)
Observer
03-07-2025
- Business
- Observer
Eurozone services sector returned to modest growth in June, PMI shows
LONDON: Growth in the eurozone's dominant services industry resumed in June after a brief contraction in May, though the pace remained marginal as demand remained weak despite improving business confidence, a survey showed on Thursday. The HCOB Eurozone Services Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 50.5 in June from 49.7 in May, above the preliminary estimate of 50.0. "This marks a prolonged period of relatively weak growth, and one which has never been surpassed in length over the course of the PMI's 27 years of data," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The composite PMI, which includes manufacturing and services, edged up to 50.6 in June from 50.2, marking a three-month high but still indicating only modest growth. The flash estimate was 50.2. Overall, new business declined for the 13th consecutive month, the composite index showed, though the rate of contraction eased to just fractional levels at 49.7. Despite this, services companies continued hiring for the fourth straight month, maintaining the job creation streak that has lasted nearly 4-1/2 years. Among the eurozone's major economies, Ireland led the growth rankings for the fourth consecutive month, though its pace slowed to the weakest since January. Spain overtook Italy for second place while Germany returned to expansionary territory. France remained the only major economy in contraction, declining for the tenth straight month. Business confidence among service providers improved to the highest level so far in 2025, recovering further from April's 29-month low, though it remained below the long-run trend. Input price inflation in the services sector eased to a seven-month low but remained relatively high while charges were raised at the fastest rate in three months, potentially complicating the ECB's inflation outlook despite recent rate cuts. "The European Central Bank is unlikely to be entirely happy that sales prices in the services sector rose more strongly in June and that input prices are also rising sharply," de la Rubia added. Following a year-long interest rate-cutting campaign the ECB will make one more reduction in September, according to a slight majority of economists in a Reuters poll published last week. — Reuters
Hindustan Times
03-07-2025
- Business
- Hindustan Times
German services sector stabilises in June, PMI shows
BERLIN, - Germany's services sector showed signs of stabilisation at the end of the second quarter, with business activity experiencing only a marginal decline in June, a survey showed on Thursday. German services sector stabilises in June, PMI shows The HCOB final services Purchasing Managers' Index rose to 49.7 in June, up from May's 2-1/2-year low of 47.1 but slightly below the preliminary reading for June of 49.4. Any reading above 50 indicates expansion, while a reading below that number signals contraction. "Service providers have been having somewhat of a tough time for three months now," said Hamburg Commercial Bank chief economist Cyrus de la Rubia, adding that since the COVID-19 pandemic, activity in the sector has been more volatile. The survey revealed an easing decline in new business as well as a fall in work backlogs for the 14th month in a row. Employment continued to rise modestly for the sixth consecutive month, as firms sought to expand capacity. "Taking a positive view, this could be interpreted as meaning that service providers are confident that they will soon receive more orders," said de la Rubia. "Being a bit more sceptical, higher employment could suggest that more people are needed to achieve a similar level of activity as before." Due in part to the government's economic stimulus package, "we expect economic growth in Germany to pick up in the second half of the year, benefiting not only the construction sector and industry, but also the service sector," he said. The composite PMI index, which comprises services and manufacturing, climbed to 50.4 in June from 48.5 in May. This article was generated from an automated news agency feed without modifications to text.
Yahoo
01-07-2025
- Business
- Yahoo
Euro zone factory orders stabilise for first time in 3 years, PMI shows
LONDON (Reuters) -Euro zone manufacturing activity showed further signs of recovery in June as new orders stopped falling for the first time in more than three years, suggesting a tentative stabilisation in the bloc's struggling factory sector, a survey showed. The HCOB Manufacturing Purchasing Managers' Index, compiled by S&P Global, edged up to 49.5 in June from 49.4 in May, its highest level since August 2022, but remaining below the 50 mark for the 29th consecutive month. A preliminary estimate came in at 49.4. PMI readings above 50 indicate growth in activity while those below point to a contraction. "There are signs of some stabilisation in the manufacturing sector. Companies have now expanded production slightly for the fourth month in a row, order intake has ceased to fall, and slightly longer delivery times also indicate that demand is picking up a bit," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The manufacturing output index, however, declined to 50.8 from 51.5 in May, marking a three-month low but remaining in expansion territory. A sub-index measuring new orders nudged up to 50.0, ending a 37-month period of decline, and export orders stopped falling for the first time since March 2022, a positive sign for future production. Despite the improvement in order books, manufacturers continued to reduce their workforces. The employment index has been sub-50 for two years. The survey revealed stark differences across the euro zone. Ireland recorded the highest PMI at 53.7, a 37-month high, while Greece, Spain, and the Netherlands also posted readings above 50. Meanwhile, Germany's manufacturing PMI reached 49.0, its highest in nearly three years though still indicating contraction. France, Italy and Austria registered faster declines in manufacturing sector conditions, weighing on the bloc's overall performance. "If Germany enters the growth zone, which we believe is likely given the new government's growth package, among other things, these countries could receive a positive boost, as Germany is their most important export destination," de la Rubia added. Business confidence continued to improve, reaching its highest level since February 2022, with German manufacturers particularly optimistic about future production prospects. Purchasing costs decreased for the third consecutive month, contributing to another slight reduction in factory gate prices. The European Central Bank is expected to conclude a year-long interest rate-cutting campaign with one more move in September, according to a slight majority of economists in a Reuters poll published last week who in May were at odds over where rates would end the year.
Iraqi News
23-06-2025
- Business
- Iraqi News
Eurozone business activity almost flat again in June
Brussels – Business activity in the eurozone was up marginally in June, marking the sixth consecutive month of expansion — albeit at a slowing, sluggish pace, a closely watched survey showed Monday. The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global registered a figure of 50.2, the same pace of growth registered in May. Any reading above 50 indicates growth, while a figure below 50 shows contraction. Figures from last month were revised up after having originally shown a drop. 'The eurozone economy is struggling to gain momentum. For six months now, growth has been minimal, with activity in the service sector stagnating and manufacturing output rising only moderately,' Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. 'In Germany, there are signs of a cautious improvement in the situation, but France continues to drag its feet'. The expansion in the 20-country currency area was centred on the manufacturing sector, where production increased for the fourth successive month, according to the survey. But it was only 'slight' having eased to a three-month low. 'However, there is no reason to be resigned, as the outlook has brightened according to the survey and companies are keeping employment roughly constant,' said de la Rubia. In May, the European Commission, the EU's executive body, cut the eurozone economic growth forecast for 2025 to 0.9 percent, from a previous prediction of 1.3 percent. 'June's flash PMI survey for the eurozone was consistent with the economy flat-lining,' said Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics, an economic analysis firm. The index was 'consistent with the economy stagnating' in the second quarter, with 'broad based' weakness in activity, he said.
