France, Germany face industrial decline

France and Germany have emerged as two of the biggest industrial losers after consultancy S&P Global published its purchasing managers index, or PMI, for November, revealing the state of health of manufacturing across the world.

According to the index, a figure below 50 indicates a period of contraction. Overall, the PMI for the 20-member eurozone fell from 46 in October to 45.2 in November, and in France, the figure dropped from October's 44.5 to 43.1, "marking a 22nd month in which it has posted below the critical 50.0 no-change threshold", the accompanying report noted, observing that it was the most severe drop in new orders since the early days of the pandemic.

Germany's PMI remained unchanged at 43, with the report commenting that the country's manufacturing sector "remained deep in contraction territory", and despite a mood of business optimism, "a backdrop of political and economic uncertainty meant confidence was still low by historical standards".