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Opposite surprises for French and German PMIs

EUROZONE DATA
  • French and German PMIs have surprised in opposite ways: The French manufacturing PMI surprised to the upside and rose back above 50 for the first time since August while the German manufacturing PMI surprised to the downside by 1.0 point and declined by 0.1 point to 47.0.
  • Conversely the French services PMI fell 0.3 points to 49.2 (against a 0.3 point expected rise), the softest print since March 2021. The German services PMI rose above 50 for the first time since June 2022, rising 0.9 points against an expected 0.3 point rise.
  • Input costs slowed in both countries with French inpute prices rising at the slowest pace since February 2022 and German the slowest pace since October 2020.
  • Selling prices, however, picked up with French prices rising at a 3-month high in January while in German they ticked down slightly in January to the lowest level in almost 18 months but were still above the long-run average.
  • The Eurozone print is due at 9:00GMT / 10:00CET.
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