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Week Ahead: Markets to Focus on Manufacturing PMI and Services PMI

August 21, 2023

This week, key economic players such as Germany, the UK, and the US will publish their flash manufacturing PMI and flash services PMI figures. These releases have the potential to impact market volatility. We advise traders to stay cautious and keep an eye on the latest updates.

Here are some notable highlights for the week:

Flash Manufacturing PMI for Germany, the UK, and the US (23 August 2023)

Germany’s manufacturing PMI declined from 40.6 in June 2023 to 38.8 in July 2023, marking deteriorating business conditions within the country’s manufacturing sector. This figure for July is also the lowest reading since May 2020.

Meanwhile, the UK’s manufacturing PMI for the same period fell from 46.5 to 45.3. In contrast, the US’ manufacturing PMI for the same period increased from 46.3 to 49.

The next set of data will be released on 23 August. Analysts predicted manufacturing PMIs are 38.6 for Germany, 46.2 for the UK, and 49.5 for the US.

Flash Services PMI for Germany, the UK, and the US (23 August 2023) 

Germany’s services PMI declined from 54.1 in June 2023 to 52.3 in July 2023, indicating the slowest growth in five months. Similarly, the UK’s services PMI declined from 53.7 to 51.5 during this period, making July the third consecutive month of slowing activity across the country’s service sector. Finally, the US’ services PMI also fell from 54.4 to 52.3 during the same period. 

Analysts’ predicted services PMIs for August 2023 are as follows: Germany at 51.5, the UK at 53, and the US at 52.

Germany’s Ifo Business Climate Index (25 August 2023)

Germany’s Ifo Business Climate Index fell for the third consecutive month in July 2023, indicating pessimistic expectations for the coming months. The July figure of 87.3 is also the lowest level since November 2022. 

The figure for August 2023 will be released on 25 August, with analysts expecting a reading of 86.9.

Jackson Hole Economic Symposium (25–27 August 2023) 

The Jackson Hole Economic Symposium is an annual symposium that focuses on key economic issues affecting the world.

Its participants include prominent financial figures and leading market players from all around the globe. Proceedings from the symposium might hence have an impact on market sentiment and movements.