France Services PMI in June
According to data provided by Markit Economics, the final Markit France Services PMI rose in June compared to May. It stood at 55.9 in June compared to 54.3 in May. The figure didn’t meet the initial market estimate of 56.4.
The performance of the France Services PMI in June was mainly due to the following factors:
- Production volume and output improved at a higher rate in June than in May. Factory output also rose at a faster rate that month.
- Both new business orders and export orders improved at a higher rate in June.
- Employment in the services sector rose in June.
France’s services activity has been very weak in the past months. Weaker economic activity in France was mainly due to rising concern over political uncertainty in the Eurozone as well as rising trade tensions between the United States and Europe. However, business sentiment improved marginally in June, and there was a stronger client demand in the services industry.
Performances of ETFs in June
The iShares MSCI France ETF (EWQ), which tracks France’s equity market performance, fell 4% in June. Similarly, the Vanguard FTSE Europe ETF (VGK), which tracks Europe’s equity market performance, fell 3.1% that month.
In the next part of this series, we’ll analyze the Spain Services PMI for June.