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    German manufacturing PMI to continue to eke higher in June - TDS Sandeep Kanihama

    Research Team at TDS, is looking for the German manufacturing PMI to continue to eke higher in June, rising from 52.1 to 52.4 (mkt 52.0).Key Quotes“New orders were still solid in May, and German data in general has been coming in stronger than markets expect, so the economy may have a bit more positive momentum than markets are factoring in.For France the services PMI is more of a toss-up, with a push higher from the Euro Cup, but downward pressure from the labour unrest. Our inkling is that the latter is going to have the bigger impact on businesses, especially in the early part of the month before the football got under way, and in case of any fuel shortages causing supply chain disruptions, so would look for at least a -0.6pt pull-back to 51.0 (mkt 51.6).This morning at 10:15am BST we also have the ECB announcing the take-up of the first TLTRO II. Consensus estimates are sitting at €420-435bn of take-up, leaving a net amount of only about €50-65bn after banks repay €368bn of TLTRO I loans and roll them over.”

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