FX.co ★ German Manufacturing Growth Hits Four-Month High

Germany’s S&P Global Manufacturing PMI rose to 52.2 in July 2026 from 50.3 in June, comfortably beating market expectations of 50.5, according to a preliminary estimate. The latest reading points to the strongest expansion in the manufacturing sector in four months, underpinned by a sharp rise in output, which increased at its fastest pace in almost four-and-a-half years. This acceleration was supported by stronger order inflows, higher capacity utilization, and frontloading of activity. New orders continued to improve, with export demand recording its strongest increase since February 2022. On the inflation side, input cost growth slowed to a five-month low, and output price inflation also eased. Business confidence firmed over the month, though it remained below its long-run average.