INSTANT VIEW 4-Czech manufacturing slows deterioration in April

                                
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 PRAGUE, May 4 (Reuters) - Czech manufacturing deteriorated
for the 10th straight month in April, largely due to falling new
orders, but it slowed its rate of decline over the previous
month, data from Markit Economics and ABN Amro showed on Monday.
                                
 The Czech PMI inched up to 38.6 in April, from 34.0 in March
and a record low in January. It was still well below the
critical 50.0 mark that demarcates whether manufacturing is
rising or falling.
                                
 Markit said seasonally adjusted new orders remained on an
upward trajectory and signalled the weakest rate of decrease
since last September. 
                                
 Czech manufacturers continued to make substantial cuts to
workforces in April. The employment index rose from March's
record low, but still indicated a rapid rate of decline, Markit
added.

****************************************************************
KEY POINTS:
                                
                               04/09      03/09      04/08
Purchasing Managers' Index        38.6       34.0       54.1
(For full table, double click on................[
                                
 "It can indicate approaching a bottom, but it certainly does
not mean we have rebounded from the bottom."

                                
 
                                
 PAVEL SOBISEK, CHIEF ECONOMIST, UNICREDIT
                                
 "I see it as positive in the sense of the visible
improvement from the previous month."
                                
 "We can expect a further moderation in the decline, although
the PMI level is still far from (showing) the drop has stopped."
                                
 "It is a confirmation that the most dramatic decline is
behind us, and that it was in the first quarter."
                                
 
                                
 JAROMIR SINDEL, CHIEF ECONOMIST, CITIBANK 
                                
 "It's in line with the relative improvement seen in
industrial production last week... The numbers show a slight
improvement, a more significant improvement as for orders, or
rather dampening of the negative development to be more
precise."
                                
 "It is possible to say the economy is finding itself at the
bottom of a decline."
                                
 
                                
 TIMOTHY ASH, HEAD OF RESEARCH (CEEMEA), RBS
                                
 "Although the data suggests an easing in the rate of
deterioration, they still suggest a grim economic outlook, and
suggest a sizeable downturn in economic activity in 2009."
 
 BACKGROUND:
- Report on last Czech c.bank rate decision......[ID:nPRA002453','yes')">nPRA0025xx 
- A figure above 50 indicates expansion on the previous month
while a number below 50 signals contraction.

                                
 COMMENTARY:
                                
 JAN VEJMELEK, EOCNOMIST, KOMERCNI BANKA
                                
 "The number indicates industrial activity is still falling
although compared with previous months at a slower pace."
                                
 "It can indicate approaching a bottom, but it certainly does
not mean we have rebounded from the bottom."
                                
 
                                
 PAVEL SOBISEK, CHIEF ECONOMIST, UNICREDIT
                                
 "I see it as positive in the sense of the visible
improvement from the previous month."
                                
 "We can expect a further moderation in the decline, although
the PMI level is still far from (showing) the drop has stopped."
                                
 "It is a confirmation that the most dramatic decline is
behind us, and that it was in the first quarter."
                                
 
                                
 JAROMIR SINDEL, CHIEF ECONOMIST, CITIBANK 
                                
 "It's in line with the relative improvement seen in
industrial production last week... The numbers show a slight
improvement, a more significant improvement as for orders, or
rather dampening of the negative development to be more
precise."
                                
 "It is possible to say the economy is finding itself at the
bottom of a decline."
                                
 
                                
 TIMOTHY ASH, HEAD OF RESEARCH (CEEMEA), RBS
                                
 "Although the data suggests an easing in the rate of
deterioration, they still suggest a grim economic outlook, and
suggest a sizeable downturn in economic activity in 2009."
 
 BACKGROUND:
- Report on last Czech c.bank rate decision......[ID:nPRA002453]
                                
                                 [ID:nQ281341] [ID:nLQ963361]
- February foreign trade figures..................[ID:nL6257013]
- March industrial output..........................[ID:nLU337355
- Fourth-quarter GDP growth data................. [ID:nLB537777]
                                
                               [ID:nPRG001315] [ID:nLB387271]
 
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 (Reporting by Mirka Krufova; Editing by Michael Winfrey)