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FRANCE DATA: Jan Flash PMI Composite Beats, But Overall Conditions Still Weak

FRANCE DATA
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Although the French manufacturing and composite PMIs were stronger-than-expected, overall demand conditions in France remain weak, with employment continuing to fall. Meanwhile, rises in input costs were not passed through to output charges, limiting inflationary pressure. Overall, the report appears conducive to sequential ECB easing through the first half of this year.

  • The French January flash PMI saw a 3.4-point rise in the manufacturing component to 45.3, above the 42.5 expected. This was the highest manufacturing PMI since June 2024, though the index has been in contractionary territory since February 2023.
  • The services component was a little softer-than-expected at 48.9 (vs 49.4 cons, 49.3 prior). As such, the composite reading strengthened to 48.3 (vs 47.7 cons, 47.5 prior).

Highlights from the release:

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Although the French manufacturing and composite PMIs were stronger-than-expected, overall demand conditions in France remain weak, with employment continuing to fall. Meanwhile, rises in input costs were not passed through to output charges, limiting inflationary pressure. Overall, the report appears conducive to sequential ECB easing through the first half of this year.

  • The French January flash PMI saw a 3.4-point rise in the manufacturing component to 45.3, above the 42.5 expected. This was the highest manufacturing PMI since June 2024, though the index has been in contractionary territory since February 2023.
  • The services component was a little softer-than-expected at 48.9 (vs 49.4 cons, 49.3 prior). As such, the composite reading strengthened to 48.3 (vs 47.7 cons, 47.5 prior).

Highlights from the release:

Keep reading...Show less