Eurozone: Manufacturing PMI at the highest level in five and a half years - BBH

Research Team at BBH notes that the Eurozone manufacturing PMI matched the flash estimate of 54.9, which is the highest level in five and a half years.

Key Quotes

“It points to a modest acceleration in the manufacturing sector.  The PMI averaged 53.1 in Q4 after 52.0 in Q3.  The 12-month average is 52.5.  Prices also rose the most since the spring of 2011, as did new orders (to 55.9 from 54.4). Germany's 55.6 (flash 55.5) reading is a three-year high.  France's 53.5 (same as flash) is a five-year high.  Recall that from March through September 2016, France's manufacturing PMI was below the 50 boom/bust level.” 

“Spain saw new vigor.  The manufacturing PMI rose to 55.3 from 54.5.  It had fallen to 51 in July and August.  With December's gains, it averaged 54.4 in Q4 and 51.4 in Q3.  The 12-month average is 53.2.  Italy too did well.  The manufacturing PMI rose to 53.2 from 52.2.  It is also well above its recent averages.”