The manufacturing PMI in the Eurozone as reported by Markit was revised higher to 51.7 from 51.5, signaling a slight improvement in the manufacturing sector with output and new orders expanding at a moderate pace. However, the PMI reading was still the weakest in a year. The PMI for the manufacturing sector reflects the view of purchasing managers of factories in the euro zone on the status of sales, employment and the general economic outlook. Eurozone countries' individual PMI's were also released with the Spanish PMI rising to 53.5 in April from 53.4 in March, while the French PMI slumped to 48 from 49.6 previously. Italy's PMI was higher, rising to 53.9 from 53.5 while Germany’s PMI was up to 51.8 from 50.7 previously.
Australia Cuts Interest Rates by 25bps
Daily Analysis - 03/05/2016