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Eurozone: Focus on flash PMIs - TDS

2019-06-21 13:05

Analysts at TD Securities point out that for data today, we have the Eurozone’s flash PMIs for June.

Key Quotes

“It was looking like we had reached a floor with Germany's manufacturing PMI, as it stabilised with a 44-handle for the last three months in a row. With US-EU auto tariffs having been delayed and US-Mexico tariffs having been averted, we had hoped to see some upward movement, but the disappointing ZEW report earlier this week leaves a big question mark around that view.”

“With the ZEW polling financial market participants and the PMI polling purchasing managers, we could still see some divergence. But our forecast for an uptick to 45.5 in June (mkt: 44.6) is a bit more of a long shot. For the French services PMI, we look for a steady reading of 51.5 (mkt: 51.6).”

“Also, the Bundesbank's Weidmann delivers opening remarks at a conference at 8am BST. The EU leaders summit concludes Friday, and it’s possible (though by no means guaranteed) that leaders will finalise their choices for EU Commission, Council, and ECB Presidents. An announcement is possible late Thursday night (CET) or after the summit concludes mid-day Friday. If no candidates are named, leaders are expected to regroup on 30 June and 1 July to try one more time.”

This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

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