Capital Goods: Barclays Industrial Barometer was unchanged in April; PMIs for China and the US were largely flat; Eurozone PMI continued to expand

Research evidence excerpt

Capital Goods: Barclays Industrial Barometer was unchanged in April; PMIs for China and the US were largely flat; Eurozone PMI continued to expand

Equity Research

14 May 2026

Capital Goods

Barclays Industrial Barometer was

unchanged in April; PMIs for China

European Capital Goodsand the US were largely flat;

NEUTRAL

UK Capital GoodsEurozone PMI continued to expand NEUTRAL

Our Barometer was flat m/m with stable industrial activity in European Capital Goods

China and the US while there was slight uptick in Europe. Vlad Sergievskii

+44 (0)20 7116 1117

vlad.sergievskii@barclays.com

Barclays, UK  Barclays_Industrial_Barome

ter_April_2026_SA George Featherstone, CFABarclays Industrial Barometer (slide 2)

approved.pdf +44 (0)20 3555 8585

•• Our Barometer was stable in April, industrial activity in george.featherstone@barclays.com

Barclays, UK

the US and China was largely unchanged with a slight

uptick in Europe. Timothy Lee, CFA

+44 (0)20 7773 6879

•• Manufacturing PMIs (slides 5-6) timothy.lee@barclays.com

°° China NBS manufacturing PMI was down -0.1pts to 50.3, remained in expansion territory; Rajesh Patki

new orders declined (-1pt to 50.6). +44 (0)20 3555 5193

rajesh.patki@barclays.com

°° Eurozone manufacturing PMI improved by 0.6pts to 52.2, remained in expansion territory; Barclays, UK

the new orders index increased (+0.5pts to 51.5).

Vaspaan Yazdi Avari

US manufacturing PMI was flat at 52.7, remained in expansion territory; the new orders +91 (0)22 6175 2382 °° vaspaany.avari@barclays.com

index improved (+0.6pts to 54.1).

•• Inventory to sales and distributor sales trajectory Amit Batra

+91 (0)22 6175 1682

°° The inventory/sales ratio declined y/y in March for all product categories (slide 13). amit.batra@barclays.com