Fashion
Eurozone factory operating conditions worsen at Q3 2025 end: PMI data
September’s contraction in the headline Hamburg Commercial Bank (HCOB) manufacturing purchasing managers’ index (PMI) was driven by a reduction in new order inflows and a sharper rate of job shedding.
Eurozone factory operating conditions worsened at Q3 2025 end, reversing August’s improvement, S&P Global Ratings said.
Production volumes continued to expand in September, which saw cutbacks in factory purchasing activity accelerate, while pre- and post-production inventories reduced further.
Export markets were a drag on total sales and lower operating costs were reported for the first time since June.
Falling from 50.7 in August to 49.8, the headline index signalled a deterioration in factory operating conditions across the euro area. The decline, however, was only marginal overall.
Production volumes continued to expand in September, although the pace of growth slowed markedly from August’s near three-and-a-half-year high.
September witnessed cutbacks in factory purchasing activity accelerate, while pre- and post-production inventories were reduced further.
Firms remained optimistic on balance that output would rise from present levels over the coming year, although expectations were their softest since April.
There were broad-based price drops at the end of the third quarter as both input costs and output charges fell marginally.
In the Netherlands, conditions improved at the fastest pace since July 2022. Greece and Spain continued their growth trends, although upturns slowed on the month. The final eurozone country in expansion mode was Ireland.
Weakness was recorded across the currency union’s three biggest economies—Germany, France and Italy—with respective manufacturing PMIs posting below the critical 50 level.
Pulling the headline index into the contraction zone was a marked decline in its weightiest component, new orders.
After rising for the first time in almost three-and-a-half years in August, the volume of new orders received by eurozone manufacturers decreased in September, an S&P Global release said. The pace of contraction was mild but nevertheless the fastest since March.
Export markets were a drag on total sales, with new business received from overseas falling for a third month in succession and to a slightly stronger degree.
Manufacturing production volumes expanded, stretching the current sequence of growth that began in March. The upturn lost momentum, however, easing from August’s solid pace. Further growth in output was achieved despite ramped up job cutting at eurozone factories.
Workforce numbers fell at the quickest rate in three months. Manufacturers were also able to make greater inroads to their backlogs of work in September. The rate of reduction in outstanding orders was the most marked since June.
Purchasing was reduced by surveyed companies at the end of the third quarter. After coming close to stabilising as recently as July, the rate of decline in buying activity has accelerated in back-to-back months.
For the first time since June, eurozone manufacturers reported lower operating costs—a notable deviation from the solid inflationary trend witnessed across the survey on average. The decrease was only marginal, however.
Fibre2Fashion News Desk (DS)
Economic momentum remained strong at the end of 2025, with real GDP expanding 8.4 per cent year on year (YoY) in the fourth quarter, the fastest pace in several years. Growth was driven by robust export-oriented industrial production. Credit growth surged to 19.4 per cent YoY by December, well above deposit growth of 14 per cent, SBV said in a release.
Vietnam’s interbank rates, which rose sharply in late 2025, are expected to ease in 2026 as credit growth and economic momentum cool.
GDP expanded 8.4 per cent year on year in Q4, while credit growth of 19.4 per cent outpaced deposits.
Despite a strong 2025, US tariff risks remain.
The SBV is likely to keep rates steady while targeting slower credit growth.
While Vietnam enters 2026 on a positive footing after achieving an estimated 8 per cent growth in 2025, external risks remain significant for the export-driven economy. Goods exports to the US, which account for around 30 per cent of the total, face the lagged impact of 20 per cent reciprocal tariffs, uncertainty over transshipment duties, and the risk of additional sectoral measures, including possible semiconductor levies.
Monetary authorities have signalled a cautious policy stance for 2026 despite an official GDP growth target of 10 per cent, which analysts view as difficult to achieve. Growth is expected to moderate to around 6.5 per cent, while the SBV has set a lower credit growth target of 15 per cent to limit overheating and resource misallocation risks.
The refinancing rate is expected to remain unchanged at 4.50 per cent, though the possibility of an unexpected rate hike cannot be ruled out if liquidity strains persist.
Fibre2Fashion News Desk (HU)
Published
January 16, 2026
Moncler and Rick Owens have unveiled their first-ever summer collection, expanding their ongoing collaboration with a warm-weather offering inspired by Berlin’s brutalist architecture and Moncler’s outdoor expertise.
Designed as a lightweight, warm-weather uniform, the collection reflects Rick Owens’ vision of where nature and city meet, described by Owens’ as “brucolic.”
Notably, as part of the Spring/Summer 2026 lineup, kilt-style shorts and slinky, asymmetric jersey skirts are paired with tonal hiking socks and Trailgrip Megalace sneakers, reinforcing the collection’s emphasis on movement and adaptability. The color palette is characterized by black, dark dust, vintage olive, and a bold carnelian red, which appears for the first time in this season’s collaboration.
Other collection highlights include quilting and graphic embroidery, lightweight outerwear in leather and nylon, as well as summery windbreakers and relaxed jerseys that play with proportion and silhouette. Consistent with the designer’s ethos, the collection embraces gender-neutral styling across relaxed bombers and nipped-in, cropped styles, with exaggerated shoulders. Completing the collection are accessories including sunglasses, quilted bucket hats, caps, and waistbags.
The collection launches with a series of intimate images shot by Juergen Teller, featuring Rick Owens and his wife and longtime muse Michèle Lamy, alongside Teller himself and his wife and creative partner Dovile Drizyte. The candid photographs capture moments of affection, reinforcing themes of love, passion, and human connection.
The collection is now available online, as well as in selected Moncler boutiques, Rick Owens flagship stores, and select retailers worldwide.
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