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Focus on PMIs


Focus will be on the manufacturing PMIs this morning.

  • Neither Spain nor Italy has had a flash estimate published and consensus expectations are for marginal rises from 50.8 to 51.0 and from 53.2 to 53.7 respectively. This is largely in line with what would be expected from the flash Eurozone manufacturing PMI which increased from 53.7 to 54.4, with Germany seeing a larger increase than elsewhere in the region.
  • However, we caution that since the flash releases the majority of the news has been negative, mainly due to Covid-19 developments (although some progress on Brexit talks may offset part of this). Nevertheless, we would expect some downward revisions to prints today.

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