Sober reading from the October Flash PMI...>

EMU DATA: Sober reading from the October Flash PMI report, particularly

considering the forward looking indicators - though price pressures remain

prevalent:

- "companies' expectations of future growth slipped to the lowest for nearly

four years, with a near six-year low seen in manufacturing"

- "further deterioration in expectations for future growth to the lowest since

November 2014"

- "Optimism sank especially in manufacturing, down to the lowest since December

2012, but also dropped markedly in the service sector, where expectations for

the year ahead were the joint lowest since December 2014"

- "Price pressures meanwhile remained close to a seven-year high. Input price

inflation edged up to a four-month high, registering the third-largest monthly

rise in costs since May 2011."

- "The survey is indicative of GDP growth waning to 0.3% in the fourth quarter"

- "The slowdown is being led by a drop in exports, linked in turn by many survey

respondents to trade wars and tariffs"