Turkish manufacturing PMI falls sharply but still in growth territory in March

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A reading above 50 indicates growth while below 50 points toward contraction.

At 4.00 am ET, final Eurozone manufacturing PMI is due.

"Hopefully, there is no escalation in the trade war between China and the US".

The PMI for March was 51, down from 51.6 in February.

New order volumes increased at a robust pace in March, which marked eighteen months of sustained expansion.

The Production Index registered 61%, a 1 percentage point decrease compared to the February reading of 62%.

Manufacturing conditions improved for the eighth consecutive in March, but at the weakest pace since October.

Manufacturing output growth had remained steadily above 1% towards the end of previous year but may have fallen to about 0.5%, according to economists. Germany's PMI was 58.2, an eight-month low, Italy's was 55.1, also an eight-month low, Spain's was 54.8, a six-month low and France's was 53.7, a 12-month low.

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Meanwhile, input prices increased in March, thus continuing the recent trend.

Although the PMI is positive, it's the lowest in a year; in the last quarter of 2017 the PMI surged by 1,3%.

Of the 18 manufacturing industries, 17 reported growth in March. And even while exports and imports are growing, prices are still increasing at a faster rate.

Released yesterday, the headline PMI - a composite single-figure indicator of manufacturing performance - dropped to 49.5 in March from 49.9 in February. The rate of depletion accelerated to the strongest in three years.

The pound has gained more than 4 percent against the US dollar since the end of 2017. "Indeed, amid a slower expected pace of recovery in consumer spending, IHS Markit marginally downgraded its real GDP forecast to 7.3 per cent for the fiscal year 2017-2018", Dodhia said. "The other side of the coin to tighter monetary policy being an impeding postponement of private sector investment, however". Panellists indicated that slower increases in output and new orders led to caution around stock holdings. The new orders index still finished with a 61.9% reading, but that was down 2.3% from February.

Output rose for the 14th straight month in the face of "stronger underlying demand". Cost burdens continued to rise in line with unfavorable exchange rates.

"The sentiment of growth in the manufacturing sector is usually reflected by the industrial production in the country", he told The Edge Financial Daily when contacted.

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