Euro area final manufacturing PMIs post highest reading

Euro area final manufacturing PMIs were confirmed at 52.5 in June, posting the highest reading since April 2014. Over the month, better output supported the headline rise, while new orders and employment remained broadly stable (at 52.7 and 51.7, respectively).  It is worth highlighting that the improvement in manufacturing confidence was broad based in terms of countries, with Germany rebounding and France recovering from low levels- up above the 50 mark for the first time in more than a year - while Spain, Italy and Ireland moderated from multi-year highs, as expected, says Barclays.  

Greece was unsurprisingly the worst performer, with confidence tumbling to 46.9, the weakest print in 2 years.  According to Barclays, today's data signalled that the moderate recovery in euro area manufacturing activity remains on track (the PMI average for Q2 is the highest since Q2 14).