Euro-area manufacturing output shrank at the fastest pace in three years in June and a Chinese output gauge indicated contraction as Europe's worsening fiscal crisis clouded global economic-growth prospects.
A gauge of euro-region manufacturing fell to 44.8 from 45.1 in May, London-based Markit Economics said today in an initial estimate. That's the lowest in 36 months. The preliminary reading was 48.1 for a Chinese purchasing managers' index from HSBC Holdings Plc and Markit. A reading below 50 indicates contraction.
The euro area's turmoil is undermining global growth by eroding confidence of investors and consumers as companies step up job cuts. Manufacturing in the U.S. probably expanded at a weaker pace in June, a Bloomberg News survey shows. While Greece's Antonis Samaras was sworn in as prime minister with a coalition that will seek relief from austerity measures, Group of 20 leaders this week pushed Europe to step up measures that might contain the crisis.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
