Euro area PMI. Surprise outperformance brought an early Christmas present
Composite PMI bounces back to 49.8
Industry continues outperforming
Services improve substantially despite restrictions
December brought a welcome surprise. Flash estimate showed recovering economic activity levels in Europe. It could mean that the second dip in GDP will be smaller and gives basis for faster recovery next year. With vaccines inbound, recovery fund secured, and global trade recovering Europe could be on a path to faster recovery than expected. Especially if Brexit hurdle could be cleared as well.
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