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January 4, 2019

Market Comment | Risk aversion wanes today, backed by US Payrolls and trade talks

Markets started 2019 on the wrong foot, but the market mood improved as the week went by. Doubts about the global slowdown were fed by the release of worsening confidence data in China and in the US. However, today’s fresh news about the trade tensions and the release of job figures in the US totally offset the sluggish …

January 3, 2019

Market Comment | Fears of slowdown extend risk aversion mood

Risk aversion mood persisted today as fears of a global slowdown increased. Apple’s reduced revenue outlook, which it attributed largely to China’s slowdown, as well as trade tensions added to yesterday’s release of disappointing Chinese confidence data. Furthermore, US manufacturing confidence data, at its lowest in two ye…

January 2, 2019

Market Comment | Sharp drop in core yields as investors flee risk assets

Markets have started 2019 on the wrong foot, as doubts about China’s economy added to the already deteriorated environment in which the market ended 2018. The release of worse-than-expected confidence indices for China extended the risk-off mood in markets as it increased the odds of a potential global slowdown, triggering…

May 23, 2016

Eurozone | PMIs suggest a moderation in growth in 2Q16

The slight worsening of composite PMI in May reflects a fall in confidence in the industrial sector, which continues to suffer due to the weakness of global demand and the uncertainty in Europe, while services expectations remain stable. Overall, today’s data point to the expected moderation of GDP growth in 2Q16 to rates o…

April 22, 2016

Eurozone | PMIs remain stable in April

The stability of PMIs in April indicates that the Eurozone’s recovery continues to advance at a modest yet stable pace, resisting the increased uncertainty of the last months but without any clear sign of higher growth in the following months.

February 22, 2016

Eurozone | PMIs suggest that the economy is suffering more than expected

PMIs have fallen in February, since doubts concerning orders from abroad have resurged, hampering the growth of the manufacturing sector, whose index fell 1.3 points in the eurozone and more than 2 points in Germany. Services expectations have also worsened. The data added a downward bias to our forecast of 0.4% QoQ for the…

January 22, 2016

Eurozone | PMIs fall earlier this year, especially in Germany

The fall of almost one point of PMIs in January suggests that the euro area economy suffers from the increased uncertainty, although activity continued to show some resistance supported by the tailwinds. In addition, a further improvement in export orders partly dispels fears of the impact of the global slowdown, although t…

December 16, 2015

Eurozone | PMI point to an acceleration of GDP despite the slight drop in December

The PMIs have closed a positive fourth quarter, despite a slight fall in December due to the moderation of services, and maintain a bullish outlook for the coming months thanks to rising orders and backlogs of work. Disparities persist between weak growth in France and stronger recovery in Germany and the periphery.