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French services PMI adds to manufacturing woe

  • French services PMI dropped to 47.8 in December (flash 47.4) from 48 in November.
  • The contraction in the sector adds to a poor manufacturing picture, helping composite output fall to 47.3 (flash 47) from 48.
  • "Persistently weak demand continues to impact on the (services) sector’s performance," says Markit, "with firms reporting continued declines in both new business and backlogs of work."
  • However, companies are optimistic that the situation will improve in 2014 - business expectations are "holding at a level better than those seen over much of the past year-and-a-half," says Markit.
  • The CAC 40 (EWQ) is -0.2%. (PR)
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