German manufacturer sentiment turned negative in April for the first time since October 2024, according to a survey by S&P Global. The HCOB Germany Manufacturing Purchasing Managers' Index (PMI) fell to 51.4 in April from 52.2 in a three-month low. Despite this, overall activity continued to grow, with firms frontloading orders to avoid price rises and supply shortages. The survey also revealed that 29% of firms expected output to fall over the coming year, while 25% anticipated an increase. The PMI also indicated that input costs were rising at the fastest rate since September 2022 and inflation had reached a 39-month high.