External broker reports(aggregated public sources), Unicredit

Unicredit Research

With nearly 30 analysts, UniCredit Research provides high-quality macroeconomic and financial market analysis to support clients in the development of investment plans, strategic and tactical asset allocation of financial investments, security selection and risk management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Unicredit

Macroeconomics

<ul><li>The eurozone composite PMI for May rose to 52.3 from 51.7, the highest level since May last year.</li><li>The improvement reflects a steady pace of expansion in services activity and an easing in the pace of contraction of manufacturing.</li><li>Taken at face value, the outcome signals a moderate expansion in economic activity mid-way through the second quarter, broadly in line with our forecast for a 0.2% qoq increase in 2Q GDP.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The eurozone composite PMI for May rose to 52.3 from 51.7, the highest level since May last year.The improvement reflects a steady pace of expansion in services activity and an easing in the pace of contraction of manufacturing.Taken at face value, the outcome signals a moderate expansion in economic activity mid-way through the second quarter, broadly in line with our forecast for a 0.2% qoq increase in 2Q GDP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Data Comment - Eurozone PMIs Signal Gradual Recovery and Easing Price Pressure