Commerzbank: Eurozone PMI Raises Concerns Over Economic Recession

Golden Ten Data reported on April 23 that Commerzbank pointed out the eurozone’s Purchasing Managers’ Index (PMI) survey results for this month fell into a range associated with economic contraction, with the composite PMI dropping from 50.7 in March to 48.6 in April. As expected, price components surged significantly, reaching the highest level since the Russia-Ukraine conflict began. The sharp decline in the services sector reflects high consumer uncertainty, indicating that the mitigation measures adopted by various governments have yet to produce a decisive impact. The future outlook depends on the timely reopening of the Strait of Hormuz and another drop in energy prices. At least based on these data, economic performance in the second quarter is likely to remain weak.