PMIs: Collapse in global economic activity – BNP Paribas

The PMI indices published this week give an early insight into the scale of the economic shock from Covid-19, Guillaume Derrien from BNP Paribas informs.

Key quotes

“The composite indices for Japan (35.8), Germany (37.2), France (30.2), the UK (37.1) and the US (40.5) all slumped in March.” 

“The eurozone composite PMI was the lowest ever recorded at 31.4. The deterioration was particularly marked for the subindices relating to employment and orders for goods and services.”

“Figures for April, whilst remaining at historically low levels, are expected to show increasing divergence between the regions.”