Europe is plunging into recession:
Led by manufacturing:
Services catching down:
The HCOB Eurozone Services PMI Business Activity Index fell for a second month running in June to 52.0, from 55.1 in May. Although signalling sustained growth, the upturn was only modest and the weakest since January. There was a slowdown in new business growth at the end of the second quarter. Having hit a one-year high only as recently as April, the increase in new workloads eased to a marginal pace in June that was the softest in five months. Dragging on demand was a renewed, albeit fractional, deterioration in sales performances to non-domestic customers.
Much worse is ahead:
As the ECB keeps tightening:
Apparently, a recession is better than inflation!
We shall see when equities tumble into crashing earnings.
