The latest published official Italian export figures from
February show growth of 10.8% year-on-year. "The HCOB PMI
figures indicate that this positive trend is unlikely to
continue," said HCOB economist Tariq Kamal Chaudhry.
The weak manufacturing data came just days after the euro
zone's third-largest economy posted a stronger-than-expected
0.5% increase in its gross domestic product (GDP) in the first
quarter from the previous three months.
Rome last month raised its forecast for 2023 full-year GDP
growth to 1% from 0.6% but cut its forecast for next year to
1.5% from a previous 1.9%.
(Reporting by Crispian Balmer; Editing by Hugh Lawson)
(Refiles to replace incorrect story on Eikon)
ROME, May 2 (Reuters) - Italy's manufacturing sector
shrank in April, ending three months of growth, as production
and new orders fell and purchasing activity was sharply reduced,
a survey showed on Tuesday.
The HCOB Global Purchasing Managers' Index (PMI) for Italian
manufacturing came in at 46.8, down from 51.1 in March, well
below the 50 mark that separates growth from contraction and the
weakest reading since last October.
The number was below the median forecast of 49.0 in a
Reuters survey of 10 analysts. The index was previously named
after S&P, but now has a new sponsor, the Hamburg Commercial
Bank AG.
The manufacturing output sub-index dropped to 48.7 from
March's 53.9 while the new orders indicator fell to 45.3 from a
previous 50.8 and stocks of purchases hit 47.1 from 50.0 -- its
lowest level since September 2021.
"The disappointing PMI reading reflected in the main a
noticeable reversal in new orders. Panellists commented that
market activity was lower, characterised by client hesitancy
both at home and abroad," HCOB said.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.