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Nomura See Dovish Themes in UK/Eurozone PMIs

MACRO ANALYSIS

Nomura writes that this morning's PMIs were dovish for the UK and Eurozone. They write that:

  • Slower services activity may be reflecting the end of the post-pandemic catch-up in the growth in services
  • The UK is facing a services-inflation-specific problem with services sector prices charged remained stubbornly high in June.
  • The UK especially saw a notable acceleration in employment activity, raising the risk of further outsized wage growth.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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