24/5/2012 - The dissemination of data related to the German economy may have recorded the twitch of the PMI manufacturing index stronger over the last three years past to 45.0 46.2 compared to April, is surely the most important macroeconomic news spread today. Market expectations were about 47.0 and were disappointed. Must be regarded as the threshold of 50.0 level separating growth from contraction and given widespread demonstrates how the crisis eventually came to hit even one that until now has been the locomotive of the eurozone economy. It was obvious to everyone that saw the level of intra-Community trade the economic downturn at the end of the so-called peripheral countries would have flowed to the German economy, but we had deluded, especially in Germany that the penetration of German exports in the new Eastern markets would eventually restore the decrease of intra. The PMI index is maintained on the service sector growing to the same levels of APR-52.2, proving that domestic consumption remained high even in view of the fact that the consumer confidence index in Germany remain at the highest levels in Europe. But despite the good performance of the service sector PMI composite index, which combines the manufacturing and tertiary came to 49.6 compared to 50.5 of April and in an area that indicates the contraction of economic activity as a whole, inter alia, with new orders and exports to over a year. Also the data concerning France is very heavy with a composite index against 44.7 45.9 in April, however, the lowest levels recorded during the past 37 months and reflects the result of the entire euro zone, with the index at 45.6 against 46.7 of the previous month. Has not yet been widely given to Italy but the prospects are not definitely reassuring. The spread of German brought the Eurodollar to a minimum of 1.2518. European stock markets also this morning have lived difficult moments after the long-awaited European Summit last night returned usually nothing did.
