Stocks tumbled on Friday after a closely watched survey of German manufacturers delivered its lowest reading since the financial crisis.
Germany’s manufacturing Purchasing Managers’ Index (PMI) plunged from 47.6 in February to 44.7 in March. A survey reading below 50 indicates a contraction in activity.
The “alarming slide remains driven by a steady deterioration in new orders which fell at their quickest rate since 2012 thanks to persistent weakness in the auto sector and delayed decision making — probably in part due to Brexit uncertainty — among many clients.” said Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics.
