Eurozone - Macro Research - Handelsbanken Capital Markets

 

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Eurozone

EMU Comment — PMI stabilises in April

  1. PMI Composite surprised on the upside
  2. German and French service confidence rose
  3. Supports a steady ECB

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

EMU Comment — PMI surprises on the downside again

  1. Composite PMI fell to lowest level in more than a year
  2. Increases risks to growth outlook this year

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

EMU Comment — ECB takes another baby step toward tightening

  1. ECB drops easing bias
  2. Minor tweaks to verbal intervention and ECB projections

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

EMU Comment — Largest decline in PMI in five years

  1. Elevated levels from previous months hard to sustain
  2. Weakness was broad based
  3. Only market jitters? ...ECB probably not overly concerned

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

EMU Comment — Strongest growth in ten years

  1. Q4 real GDP growth continued at a robust pace
  2. Investments and net exports probably the main drivers
  3. Inflation stable, but only for a limited time

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk

EMU Comment — Stronger confidence and minimum verbal intervention

  1. Stronger confidence in a rise in inflation
  2. Draghi made the minimum verbal intervention
  3. March meeting probably more interesting

Rasmus Gudum-Sessingø, Senior Economist | ragu02@handelsbanken.dk