German manufacturing PMI drops in April



Germany’s manufacturing purchasing managers’ index (PMI) surprisingly tumbled to a three-year low in April, according to preliminary flash data released on Friday.

Germany’s Hamburg Commercial Bank (HCOB) Flash Manufacturing PMI dropped from 44.7 in March to 44 in April, the lowest level since June 2020, the US-based financial services company S&P Global said.

The market expectation was a rise to 45.7 in April.

This was led by a sharp and accelerated reduction in stocks of purchases, combined with a fresh record improvement in supplier delivery times, read an S&P Global report.—AA