Quite a disappointing day after macro data wasn't the best. Eurozone PMIs were softer in August (vs the initial post-lockdown pace that we saw) and showed that some economies are moving back below the 50 expansionary benchmark. EZ Composite PMI was 51.6 (vs 54.9 in July) and Germany’s manufacturing was probably the highlight (seeing a further acceleration in activity with the second month of positive China demand commentary, 53 vs 51 previously). Moving to the UK, activity accelerated in August (Composite PMI 60.3 in August versus 57 in July) but worryingly, job losses continue to increase as the end of furlough draws closer. Also note that the employment trends are also deteriorating in the Eurozone.
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