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Eurozone business activity losing momentum

  • As expected, Eurozone flash manufacturing PMI has edged up to a 29-month high of 51.5 in November from 51.3 in October.
  • However, services slipped to 50.9 from 51.6 and missed consensus of 51.9.
  • Composite output declined to 51.5 from 51.9 and fell short of forecasts of 52.
  • Manufacturing output edged down to 52.8 from 52.9.
  • "It looks like momentum is being lost again," says Markit. "Deflationary forces may be gathering," while growth outside the "big two" of Germany and France "slowed to near-stagnation." French activity actually contracted.
  • Overall, the data is indicating that eurozone GDP will rise a "very modest 0.2%" in Q4, says Markit. The second-successive fall in PMI "suggests that the ECB was correct to cut interest rates to a record low at its last meeting."
  • The euro is -0.1% at $1.3423. (PR)
  • ETFs: FXE, VGK, EUO, FEZ, ERO, EU, EPV, IEV, EZU, DFE, DRR, HEDJ, GXF, GUR, FEU, EUFX, FDD, ESR, UPV, ULE, FEP, URR, ADRU, FEEU, DBEU, FIEU
Comments (2)
  • al roman
    , contributor
    Comments (4613) | Send Message
     
    Go back to 16 hour lunch & 2 day work week those numbers will come up,unless your too tired.
    21 Nov 2013, 07:11 AM Reply Like
  • User 353732
    , contributor
    Comments (4788) | Send Message
     
    This has been the narrative for the Eurozone for the past 10 years. "recovery next year; this tear momentum has been lost"
    Of course there is no momentum, only economic, social and demographic stagnation or decline in large parts of Europe disguised by the performance of the Germanic economies.
    21 Nov 2013, 07:26 AM Reply Like
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