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Eurozone flash PMIs weaken

EUROZONE DATA
MNI (London)
  • Eurozone flash PMIs also deviated from the consensus forecast this morning, dropping to an overall nine-month low. Services dipped more than expected as COVID-19 cases surged.
  • The flash manufacturing PMI came in at a 10-month low, despite being was more resilient than predicted at 58.0 (forecast: 57.8, previous: 58.4) as supply bottlenecks and cost inflation rates eased slightly.
  • The prelim services PMI dropped one point more than forecasted and over two and a half points from November’s reading, dampening to 53.3 in December (forecast: 54.3, previous: 55.9). This eight-month low was led by a strong decline in tourism and recreational activity in the Eurozone.
  • The flash composite PMI dropped to a nine-month low of 53.4 (forecast: 54.4, previous: 55.4) as growth weakened across the region, however this still remains higher than the long-run pre-covid average 53.0.
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