PMI Manufacturing (Jun): 49.4, consensus: 47.0, previous (May): 47.6. The Czech PMI remained below the 50 mark for the third month in a row. However, the June figure is surprisingly good as it improved compared with the previous month. Good news is that the PMI´s employment subindex was above 50 and that the new orders subindex also improved, although it stays below that neutral mark. The PMI was likely influenced positively by the automotive industry that is still in good shape and remains the key driver of the Czech industrial production. On the other hand, this sector is dependent on the foreign demand and the PMIs in Germany and the Eurozone are already very low. The developments in western Europe show the Czech industry direction despite some possible short-term resilience. Thus, next months may bring a correction of the good June PMI reading.