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Ahead of tomorrow's Eurozone....>

EUROPE DATA PREVIEW
EUROPE DATA PREVIEW: Ahead of tomorrow's Eurozone PMI release analysts at
Barclays expect euro area flash composite PMIs to decline from a multi-year high
to 58.2. The drop should be driven by the manufacturing sector, in particular
some consolidation in Germany. In France, a modest dip in manufacturing
sentiment (58.0) should be offset by services strength (59.5).
- Commerzbank are looking for the PMIs to drop slightly in February even with
economic data remaining sound. Specifically, they envisage the manufacturing
index to come in at 59.0, from 59.6 (consensus: 59.2), and its services
counterpart at 57.5, from 58.0 (consensus: 57.5).
- Danske Bank expect manufacturing PMI to be 59.3 in February and believe that
service PMI is also set for a similar decline to 57.6.
- Nomura expect the euro area composite PMI to fall to 57.6 in February from
58.8 in January. At the sector level, we expect the regional manufacturing PMI
to decline to 58.8 from 59.6 and the services PMI to fall to 56.8 from 58.0.
- For this month's 'flash' PMIs, RBC see both the services, to 57.6, and
manufacturing, to 59.0, PMIs falling back slightly.

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