Germany July final manufacturing PMI 52.2 vs 52.2 prelim

Germany’s final July manufacturing PMI was confirmed at 52.2, unchanged from the preliminary reading and up from 50.3 previously, signaling that the sector remained in expansion territory. The report points to a strong start to Q3, with output growth accelerating to its fastest pace since February 2022, helped by improved export sales and easing input cost inflation. The commentary also links the softer cost pressures partly to lower oil prices through June and early July, which may support margins and activity in the near term. However, the outlook remains cautious: year-ahead expectations are still subdued, and supply-chain delays worsened in July amid global electronics bottlenecks. For markets, the data is modestly supportive for European growth-sensitive assets and the euro, but the uncertain Middle East backdrop and volatile oil prices limit the durability of the improvement.