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FRANCE DATA: Feb Flash PMIs: Services Much Weaker Than Expected

FRANCE DATA
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The much weaker-than-expected French flash February services PMI reading has driven the market reaction. At 44.5 (vs 48.9 cons, 48.2 prior), it's the lowest since September 2023 and the largest one-month drop since September last year. Manufacturing was slightly better-than-expected at 45.5 (vs 45.3 cons, 45.0 prior), with the composite index at 44.5 (vs 48.0 cons, 47.6 prior).

There was no indication that a slightly more stable political situation had helped sentiment, with consumer confidence still weak and business investment intentions cautious. Input cost inflation accelerated, but passthrough to output charges was limited.

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The much weaker-than-expected French flash February services PMI reading has driven the market reaction. At 44.5 (vs 48.9 cons, 48.2 prior), it's the lowest since September 2023 and the largest one-month drop since September last year. Manufacturing was slightly better-than-expected at 45.5 (vs 45.3 cons, 45.0 prior), with the composite index at 44.5 (vs 48.0 cons, 47.6 prior).

There was no indication that a slightly more stable political situation had helped sentiment, with consumer confidence still weak and business investment intentions cautious. Input cost inflation accelerated, but passthrough to output charges was limited.

Keep reading...Show less