Eurozone: Disappointing PMI data – TDS

According to analysts at TD Securities, Eurozone’s flash PMIs for January disappointed across the board.

Key Quotes

“In particular rebounds in French services and German manufacturing PMIs failed to materialize, with French services moving further into contractionary territory at 47.5 vs 49.0, and German manufacturing dipping below the 50 mark to 49.9. That left the overall Eurozone composite weaker than expected at 50.7 vs 51.1, with manufacturing sliding to 50.5 vs 51.4.”

“Details were also downbeat with new orders contracting and job growth slowing further.”

“The PMI reports raise the risk of a more dovish and concerned tone from the ECB later today.”