The Day at a Glance | April 21 2023

*PMI`s in the Eurozone logged mixed figures in April, indicating greater divergence between sectors. 

*US PMI`s surprised to the upside at the beginning of the 2Q23. 

*The sale of previously owned homes in the US fell more than expected during March, with a 4.44 million figure, equivalent to a monthly -2.4% decrease. This compares to the previous 13.75% monthly figure (the highest since July 2020). 

*The US leading indicator marked its twelfth consecutive negative figure; a -1.2% monthly decrease in March, with 7 out of the 10 components that make it up reporting negative contributions. 

Economic environment

The manufacturing PMI in the Eurozone set at 45.5 points in April, below the expected 48.0. This reading points to the largest setback since May 2020, and marked continuous deterioration in the manufacturing sector. In contrast, the services PMI exceeded market expectations (54.5 e.) and reached a 12-month high of 56.6 points. With this, the composite PMI set at 54.4 points, its highest reading since May 2022. 

PMI`s in the US exceeded consensus estimates. Both sectors set in expansionary territory for the first time since June 2022. The manufacturing PMI once again set above the 50-point threshold in April (50.4 points) and set above the expected 49.0 after 4 consecutive contractionary figures. For its part, the services PMI exceeded the expected 51.5 point figure and recorded its highest level in 12 months (53.7 points). With this, the US composite PMI set at 53.3 points, also its highest reading since May 2022.