martedì 24 luglio 2012

PMI indices: Euro zone outlook continues deteriorating

In our article "No Sign Of Relief In The Eurozone" we highlighted that the major business confidence indices due for release over this week should confirm that the Euro zone economic has been deteriorating fast.
The PMI indices for the Euro zone just released had mixed results despite confirning that an recovery is not coming anytime soon. Indeed, while the PMI manufacturing index unexpectedly fell from 45.1 to 44.1 vs market consensus at 45.2, the PMI services rose from 47.1 to 47.6 vs expectations for an unchanged reading. The PMI composite index remained unchanged at 46.4, a level in line with a 0.5% q/q contraction of the Euro zone GDP in Q3.

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