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Final PMI Headlines: WOW!

  • UK - Manufacturing PMI at decade high as growth of output, new orders and employment gather pace
  • Eurozone - The Eurozone manufacturing sector grew at the quickest pace in nearly 24 years with record increases in output, new orders, exports and purchasing activity

I mean, it sounds like these economies are ROARING, surely that can't be right?

✅ - The devil is always in the detail with the PMI's and that's especially true right now on the back of continued global supply chain disruption...

Chris Williamson of IHS Markit adds some colour:

Many of these multi-year highs in the PMIs for the eurozone reflect longer delivery times, which is one of the PMI's five components.
But that should not detract from the fact the eurozone output and new orders are also rising at record rates...
UK manufacturing PMI rebounded in March to a decade high, but exports remain a concern: export orders been very poor post-Brexit, almost stalled again in March & contrasting for example with record export growth in Germany & a near-record rise in Italy

Want to find out more about PMI's?

We've got you covered 👇

PMI’s - The Purchasing Manager’s Index Explained
This subject often divides opinion. Are PMI’s useless or useful? Let’s dive in. PMI’s are considered a leading indicator. IHS Markit describes their ‘Purchasing Managers’ Index’ (PMI) as a survey-basedeconomic indicator designed to provide a timely insight into businessconditions, providin…
MacrodesiacTim Vollans

It's very tricky to draw any longer-term conclusions from the current economic data, and post-Brexit export orders is a great example of this...

How much is the Brexit effect and how much is the Covid effect?

Ever wanted to Super-Deduct something? Well now you can!

Disclaimer: Doesn't work on excess lockdown blubber

UK businesses have a tremendous incentive to invest over the next two years - assets which may qualify for either the super-deduction or the 50% FYA include, but are not limited to:

  • Solar panels
  • Computer equipment and servers
  • Tractors, lorries, vans
  • Ladders, drills, cranes
  • Office chairs and desks,
  • Electric vehicle charge points
  • Refrigeration units
  • Compressors
  • Foundry equipment

Here's how it works:

Rishi with more details...

While we're on the subject of things the UK has never tried before...

Remember the ten point plan for a Green Industrial Revolution?

10 Point Plan

One of those ten points: Driving the Growth of Low Carbon Hydrogen

There's plenty of solar and wind coverage, but hydrogen is often left out - perhaps because it's less tangible than panels and windmills?

Anyway, this report (Between Hype & Hope) from the E3G think-tank is worth a look, and here's a twitter thread to explain the main points 👇

🔥 Hot and 🚫 Not

🔥 Glencore: Citigroup raises price target to 400p (Buy rating)

Miners have pulled back from recent highs, Glencore agreed to extend short and long-term revolving credit facilities with a total of 44 banks yesterday, and everyone still believes in the commodity super-cycle, right?

Currently trading 285...

Recommended read: One of my favourite trading books is The King Of Oil - the superb story of Marc Rich, how he created the oil spot market, was convicted for tax fraud by Rudy Giulani and founded the company that later became Glencore.

🚫 King of the SPACs: A short story....

12th February 2021

Read more: The Great SPAC scam

The next Warren Buffett?

Relevant Quotes:

"Nobody’s going to listen to Buffett. But there has to be other folks that take that mantle, take the baton and do it as well to this younger generation in the language they understand." -@chamath
“My successor will need one other particular strength: the ability to fight off the ABCs of business decay, which are arrogance, bureaucracy and complacency." - Warren Buffett

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MacrodesiacDavid Belle