There was a huge slug of data out from all around the world overnight and today. The results did not live up to expectations as the majority (35 data points) came in either worse than forecasts or worse than the previous period. Meanwhile, five met expectations or were unchanged and fifteen indicators saw improvement.
The data slate over the past 24 hours was primarily comprised of manufacturing data including final June Markit PMIs, the ISM PMI in the US, and Japanese Tankan indices. Of all the manufacturing data points out today, over three quarters came in below expectations or worse than the previous period (highlighted in red in the Global Economic Scorecard below). The Americas and Australia at least provided some relief as the US, Mexico, Brazil, and Australia were the only bright spots for Markit PMIs. Each saw the opposite result of the rest of the world with beats. Granted, the picture is a bit more muddied taking other indicators into account. Australia’s AIG Performance of Manufacturing index was weaker and the US’s ISM PMI also had some weak spots despite a headline beat. ISM Prices Paid came in with a contractionary reading and ISM New Orders also weakened to a flatline reading of 50. Japanese data was similarly mixed in the quarterly results for Tankan indices. While the data was generally worse, large manufacturers were a silver lining given a better than expected reading for outlook. Additionally, non-manufacturing data for these same Tankan indices held up better than their manufacturing counterparts. Later this week (beginning tomorrow night into Wednesday) we will see other non-manufacturing data with the release of Markit Service PMIs from around the globe. Subscribers can use our Economic Monitors help to keep track of all of the day’s economic releases domestic and abroad. Start a two-week free trial to Bespoke Institutional to access our interactive economic monitor and much more.