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    Flash June Eurozone PMI will not change perceptions - BBH

    Research Team at BBH, suggests that the flash June Eurozone PMI will not change perceptions that a) the regional economy is slowing after the 0.6% pace in Q1 and b) France is a laggard. Key Quotes“The Eurozone manufacturing PMI ticked up to 52.6 from 51.5.  Many had looked for a small decline.  Services, which, of course, are a larger part of the economy slowed to 52.4 from 53.3, much lower than expected, and the lowest since the end of 2014.  The net effect was that the composite reading eased to 52.8 from 53.1.  Of note, the French composite fell back below the 50 boom/bust to 49.4.  New manufacturing orders fell for the sixth month.  Separately, a measure of business confidence fell to nine-month lows.Lastly, the new TLTROs are launched today, with details tomorrow. The headline draw is likely to be inflated by rolling some outstanding borrowings into the new, more generous facility, and the elevated participation often seen in the first tranche of an operation.”

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