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Europe Week Ahead: German -Zew, -Ifo, EZ PMI, UK -Budget, -MPC Minutes, -Retail Sales, -CPI
Eurozone PMI indices surprised to the downside last month, but, in our view, this was due to the more volatile nature of the time series. In March the PMI composite is expected to catch up with the upside trend, moving from 47.9 to 48.1. The increase is limited by the uncertainty over prospects of activity post the Italian elections. In the manufacturing sector, forward-looking components have sent contrasting signals with falling production’s component but rising orders’ sub-index. France’s PMI are expected to improve in both sectors though more markedly in the manufacturing sector than in the services. ... (full story)