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The latest set of PMI data out of the UK and Europe painted a picture of doom and gloom this week. Amid the first set of data to properly account for the corona virus outbreak, the market was expecting weakness. However, there are some positives to take from this week’s releases. Broadly speaking, the data was not as bad as expected.
Eurozone Data Causes Concern
In the Eurozone, the overall manufacturing PMI for the bloc came in at 44.8. Although this was down from the prior month’s 49.2, and still below the neutral 50 level, it was not as bad as the 40.1 reading the market was looking for.
French manufacturing was also a little better than expected. Though again still in contractionary territory, at 42.9 vs 39.4 expected and 49.8 prior. German manufacturing was also a little better than expected, printing 45.7 vs 40.1 expected and 48 prior. German services PMI, however, was a major red flag. Data came in...
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