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Flash PMI Sees Limited Impact From Red Sea Tensions


The French flash February PMI comfortably surpassed expectations in both the manufacturing and services components. A first glance at the data seems positive, with limited impact cited from Red Sea tensions (though we note that higher wages were still noted as an upside inflation driver). While output remains subdued, conditions appear to be improving, which has supported employment.
Manufacturing printed at an 11-month high at 46.8 (vs 43.5 cons, 43.1 prior) while services rose to 48.0 (vs 45.6 cons, 45.4 prior), which was an 8-month high.

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