Gavekal Capital: Divergences in European Manufacturing PMIs

Tuesday, July 1, 2014

Divergences in European Manufacturing PMIs

Spain was the big winner in today's release of PMI Manufacturing data, while France (and Greece) were more disappointing:

The divergence between Spain and France-- and the implications for each country's industrial production, based on past correlations-- is quite striking:

About Gavekal Capital

Gavekal Capital is a US registered investment advisory firm that manages the Gavekal Knowledge Leaders Strategy. Knowledge Leaders are a group of the world’s leading innovators with deep reservoirs of intangible capital. These companies often possess competitive advantages such as strong brand, proprietary knowledge or a unique distribution mechanism. Knowledge Leaders are largely service-based and advanced manufacturing businesses, often operating globally. Gavekal Capital seeks to identify the world’s leading knowledge companies through a proprietary process that analyzes corporate knowledge investments.
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