Risk-to-Price Commentary: AP Moller Maersk A/S Aug 10
Standard & Poors, August 2010
Abstract
Growth in Europe's services industry subsided over the past month while manufacturing industry growth weakened more than economists had forecast. The composite purchasing managers index (PMI), compiled by Markit Economics group and released Monday, signals the first signs of slowdown in the eurozone following growth in 2009 and the first half of 2010; this may suggest that the pace of Eurozone recovery has peaked. While the services PMI fell to 55.6 from 55.8 in July, marginally above the market forecast of 55.5, the manufacturing PMI dropped to 55 from 56.7 against expectations of 56.3 and pulled down the composite results. The European equity market displayed a similar trend with a slight decline over the past month (see charts 1 and...
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