France Manufacturing Sentiment came in below consensus at 100 (vs 103 consensus, 103 revised prior from 102), returning to its long term average (since the series began in 1976).

• Whilst it is in line with long term average, it remains slightly below the pre-covid (2014-19) average of 103.7.
• In particular from the subcomponents, 'Total order books' reversed last month's gains printing -18.9 from -13 in March, in the prior six months it was lower only once at -19.2 in January. This takes it below the long term average of -17.5.
• Meanwhile, 'Export Order Books' fell to -10.7 in April (vs -4.9 prior), making it the lowest since September 2023.
• 'Finished goods inventory level' partially offset the downside, printing at 11.2 similar to January levels.