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Belgian business sentiment used to....>

EUROZONE DATA
EUROZONE DATA: Belgian business sentiment used to be used a lot as a leading
indicator for the Eurozone (largely before the flash PMIs garnered so much
attention). However, this print is largely in line with the overarching
sentiment from the PMIs - things maybe aren't quite as bad as the markets had
been expecting - at least not yet. We reiterate that we will be looking closely
at the revisions in the final PMI and Monday's German IFO survey will also be
closely watched.

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