Chief Economist at Commerzbank Comments on Eurozone PMI

Cyrus de la Rubia, Chief Economist at Commerzbank, comments on Eurozone PMI:
Evidence is mounting that capital-intensive industrial sectors have reacted negatively to ECB rate hikes.
Companies surveyed cut jobs for the first time since January 2021, and procurement activity also saw its worst drop on record.
Sales prices fell for the second consecutive month, unsurprisingly, given weak demand and rapidly falling costs.
The downturn was evident across regions, with the euro zone’s four largest countries all contracting in June.
In terms of new orders, weak demand was most pronounced in Germany, followed by Italy and France.