{"id":705135,"date":"2026-05-24T00:00:00","date_gmt":"2026-05-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=705135"},"modified":"2026-05-24T02:46:58","modified_gmt":"2026-05-24T02:46:58","slug":"what-aprils-pmis-are-telling-us-growth-in-the-eurozone-is-stagnating-and-the-energy-shock-is-clouding-the-outlook-further","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/24\/what-aprils-pmis-are-telling-us-growth-in-the-eurozone-is-stagnating-and-the-energy-shock-is-clouding-the-outlook-further\/","title":{"rendered":"What April\u2019s PMIs are telling us: Growth in the Eurozone is stagnating and the energy shock is clouding the outlook further"},"content":{"rendered":"

The impacts of the US-Iran war are showing up across the world \u2014 but most <\/strong>of all in the <\/strong>Eurozone.<\/strong> Cost pressures are weighing on manufacturing and services segments the most, with factory activity dipping in all tracked indexes bar one, Bloomberg<\/a> reports. Economists are now starting to talk about a potential recession hitting several economies, as well as a general stagflation trend, as central banks find themselves caught between stubborn inflation and a crumbling growth outlook.<\/p>\n

The most affected countries:<\/strong> The euro area\u2019s PMI is at its lowest since 2023, with manufacturing activity in France nosediving and the region\u2019s biggest economy, Germany, economy set to contract in 2Q as its non-oil sector activity remains in contraction territory. Across the Eurozone and the US, a stock-building surge continues as firms try to get ahead of disruptions in the Strait of Hormuz. <\/p>\n

It was a similar picture in Australia<\/strong>, which saw its PMI contract for the second month straight in April as factory activity stalled and services slumped. <\/p>\n

In context: <\/strong>The Eurozone \u2014 as an energy importer \u2014 is particularly exposed to energy prices, with the European Commission now expecting the region\u2019s growth to come in at 0.9%, down from 1.2% it forecast in November. Other economists expect a \u201ctechnical recession,\u201d Bloomberg says, as the specter of stagflation also hangs over the region. <\/p>\n

REMEMBER- The PMIs also <\/strong>painted a negative picture<\/a><\/strong> for the Gulf, though not for exactly the same reasons.<\/strong> Business activity resumed in most countries, but a dent in demand and reduced client activity weighed on performance, along with a rise in costs, which were being passed on to consumers. <\/p>\n

On the more resilient side:<\/strong> India and Japan both saw manufacturing activity continue to grow, though further energy squeezes are clouding the outlook for Japan.<\/p>\n

The readings are making central banks\u2019 jobs difficult. <\/strong>With the prospect of inflation ticking up to 4% in the next few months, \u201cthe growing signs of the region slipping into an economic downturn [is creating] a deepening dilemma for policymakers,\u201d S&P Global Market Intelligence\u2019s Chris Williamson said.<\/p>\n

Interest rate hikes are looking likely<\/strong>, even if they come at the expense of economic growth and lead business activity to stagnate further or even contract. The likelihood of a cut triggered investors to offload government bonds, sending long-term yields to over 20-year highs.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

52,091<\/p>\n<\/td>\n

\n

+0.3% (YTD: +24.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong> <\/p>\n<\/td>\n

\n

Buy 52.86<\/p>\n<\/td>\n

\n

Sell 53.00<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>) <\/strong><\/p>\n<\/td>\n

\n

Buy 52.82<\/p>\n<\/td>\n

\n

Sell 52.92<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

19.00% deposit<\/p>\n<\/td>\n

\n

20.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong> <\/p>\n<\/td>\n

\n

11,028<\/p>\n<\/td>\n

\n

+0.4% (YTD: +5.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong> <\/p>\n<\/td>\n

\n

9,658<\/p>\n<\/td>\n

\n

+0.2% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

\n

5,693<\/p>\n<\/td>\n

\n

+0.6% (YTD: -5.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong> <\/p>\n<\/td>\n

\n

7,473<\/p>\n<\/td>\n

\n

+0.4% (YTD: +9.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong> <\/p>\n<\/td>\n

\n

10,466<\/p>\n<\/td>\n

\n

+0.2% (YTD: +5.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

6,019<\/p>\n<\/td>\n

\n

+1.0% (YTD: +3.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong> <\/p>\n<\/td>\n

\n

USD 103.54<\/p>\n<\/td>\n

\n

+0.9%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n

\n

USD 2.91<\/p>\n<\/td>\n

\n

-3.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 4,556<\/p>\n<\/td>\n

\n

-0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 76,635<\/p>\n<\/td>\n

\n

+1.2% (YTD: -12.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

1,047<\/p>\n<\/td>\n

\n

+0.1% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

150.44<\/p>\n<\/td>\n

\n

+0.2% (YTD: -1.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

16.70<\/p>\n<\/td>\n

\n

-0.4% (YTD: +11.7%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30<\/strong> rose 0.30% at <\/strong>Thursday\u2019s<\/strong> close<\/strong> on turnover of EGP 6.8 bn (15.1% below the 90-day average). Regional investors were the sole net sellers. The index is up 24.5% YTD.<\/p>\n

In the green:<\/strong> Orascom Development (+8.3%), Misr Cement (+3.5%), and Palm Hills Developments (+2.8%).<\/p>\n

In the red:<\/strong> Eastern Company (-2.9%), Heliopolis Housing (-1.4%), and Rameda (-0.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The manufacturing and services sectors took the biggest hit in recent readings<\/p>\n","protected":false},"author":1,"featured_media":705136,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-705135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"e7f67e03-2c63-4833-9327-25904e1afb37","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1122.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Caught 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Flash PMI data brought to us\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570319,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/26\/business-activity-in-us-europe-sucker-punched-as-manufacturing-and-services-suffer-record-blow\/","url_meta":{"origin":705135,"position":2},"title":"Business activity in US, Europe sucker punched as manufacturing and services suffer record blow","author":"enterpriseam admin","date":"26 March 2020","format":false,"excerpt":"Business activity in US, Europe sucker punched as manufacturing and services suffer record blow: Business activity has hit record lows in the US and Europe, according to preliminary IHS Markit composite PMIs, an early indicator of the damage wrought by the covid-19 pandemic on developed economies. Readings for the US,\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/307.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591193,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/citigroup-is-gearing-up-for-a-new-run-of-gulf-ipos-in-the-coming-months\/","url_meta":{"origin":705135,"position":3},"title":"Citigroup is gearing up for a new run of Gulf IPOs in the coming months","author":"enterpriseam admin","date":"1 August 2023","format":false,"excerpt":"\u201cThe pipeline is solid, it\u2019s promising for post the summer and 2024\u201d","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/7.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552259,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/23\/this-evening-remittances-are-at-a-record-high-again-eurozone-activity-slipped-in-august-and-the-eur-isnt-taking-it-well\/","url_meta":{"origin":705135,"position":4},"title":"THIS EVENING: Remittances are at a record high again + Eurozone activity slipped in August \u2014 and the EUR isn\u2019t taking it well","author":"enterpriseam admin","date":"23 August 2022","format":false,"excerpt":"Good afternoon, friends. Today is hump day \u2014 not yesterday, as we (however wishfully) declared it. 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