This morning started with a modest rise in Euro-area Composite PMI (+0.3 to 47.1) on the back of a pick up in Services.
The increase in the area-wide index was driven by an improvement in Germany and the periphery, offset by a deceleration in France . In the UK, the composite flash PMI decreased by 1.9pt to 46.8, meaningfully below consensus expectations. Goldman saw three main takeaways from today’s data. First, while marginally better than last month, Euro area growth momentum remains subdued across both sectors. Country press releases attributed this weakness to poor demand conditions, both domestically and abroad.
Second, inflationary pressures continue to moderate, as reflected by the continued decline in output prices, but the recent pickup in input prices points to upside risk going forward.
Third, growth momentum in the UK appears to be deteriorating at a faster-than-anticipated pace. This, in turn, is now being […]
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