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Pan-Eurozone PMI due at 9:00GMT / 10:00CET

EUROZONE DATA
  • So far we have seen disappointing manufacturing prints from both France and Germany. The German press release noted a continued decline particularly in export orders.
  • In contrast we have seen positive surprises to services data in both countries.
  • However, overall looking at the details we would not describe these data as "good". New orders are not in a good state and it is only really employment holding up that looks like a bright spot. Having said that, things maybe don't look so bad as they could have done on the growth outlook front. But there doesn't really appear to be enough in here to warrant pricing in a more hawkish ECB at present.

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