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4 Feb 2015
Eurozone data review – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman Team reviews today’s Eurozone data releases, noting that today’s services PMI numbers support their view of a cyclical low being carved out.
Key Quotes
“Eurozone service PMI lends support to our contention that a cyclical low is being carved out. This generalization holds for Germany and Italy while Spain's expansion remains intact. France is the odd-man out.”
“Germany's service PMI rose to 54.0 from the 52.7 flash reading and 52.1 in December.”
“Italy's rose to 51.2 from 49.4. The market expected 50.”
“Spain's service PMI rose to 56.7 from 54.3.”
“France disappointed. It slipped to 49.4 from 49.5 in the flash and 50.6 in December.”
“The composite eurozone PMI stands at 52.6. It is the highest since last July.”
“Separately, eurozone retail sales rose 0.3% in December after the November series was revised to 0.7% from 0.6%. The year-over-year increase of 2.8% is the highest since 2007.“
“Contrary to worries, the deepening of headline inflation in the euro area has not resulted in consumers deferring purchases.”
Key Quotes
“Eurozone service PMI lends support to our contention that a cyclical low is being carved out. This generalization holds for Germany and Italy while Spain's expansion remains intact. France is the odd-man out.”
“Germany's service PMI rose to 54.0 from the 52.7 flash reading and 52.1 in December.”
“Italy's rose to 51.2 from 49.4. The market expected 50.”
“Spain's service PMI rose to 56.7 from 54.3.”
“France disappointed. It slipped to 49.4 from 49.5 in the flash and 50.6 in December.”
“The composite eurozone PMI stands at 52.6. It is the highest since last July.”
“Separately, eurozone retail sales rose 0.3% in December after the November series was revised to 0.7% from 0.6%. The year-over-year increase of 2.8% is the highest since 2007.“
“Contrary to worries, the deepening of headline inflation in the euro area has not resulted in consumers deferring purchases.”