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We would take a bit of a downbeat.......>

FRANCE DATA
FRANCE DATA: We would take a bit of a downbeat view on the French PMIs. Although
services is higher, the manufacturing print has missed. Persistent weakness in
manufacturing could eventually chip away at the services prints.
- Also from the press release regarding new manufacturing orders: "When
explaining the reduction, goods producers cited softer demand in the automotive
sector, the discontinuation of Boeing 737 Max production and disruptions related
to coronavirus." The coronavirus impact is the most volatile of these factors
going forward.
- It will also be interesting to see how late survey responses impact the final
release depending how the coronavirus situation changes over the coming days.

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