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Europe Week Ahead: ECB, BoE, Italy PMI, Spain PMI, -IP, UK PMI, -Autumn Statement
We expect Italian manufacturing PMI to decrease slightly in November to 48.8 after 49 in October thus remaining below the 50 threshold. In fact, both forward-looking components of new orders and new export orders edged down in October. Besides, the November ESI industrial confidence indicator remained broadly stable in November with no signs of potential improvement as production expectations remained virtually unchanged. We expect a decrease in the Services PMI at 49.8 in November after 50.8 in October, thus back to contraction in line with the decrease in both the November ESI services indicator and business ... (full story)