1 Mar 2016
UK and Eurozone PMIs data in focus today – TDS
Research Team at TDS, suggests that we have manufacturing PMI data today from across the Europe and UK which will be in focus today.
Key Quotes
“GBP: We see roughly balanced risks around the UK PMI manufacturing for February, with a decline to 52.4 (consensus 52.3). While global market volatility and EM demand uncertainty remained elevated through much of the month, a depreciating GBP likely helped support the manufacturing sector.
SEK/NOK: The Norway manufacturing PMI is the real risk in this region. While Sweden is likely to continue showing underlying strength with a relatively flat reading of 55.4 on the month (well into expansion territory; consensus is 55.0), we see weak lagged new orders and spillovers from the poor German confidence data leading to a fairly marked deterioration in Norway, with a decline to 46.0 from January’s 49.2 (consensus 48.0), leaving manufacturing well in the contraction zone.
EUR: Final manufacturing PMIs are out for Germany, France, and the euro area. We and consensus expect no notable revisions. The unemployment rate is expected to hold at 10.4%, though we see risks that it could come in at 10.3%.”
Key Quotes
“GBP: We see roughly balanced risks around the UK PMI manufacturing for February, with a decline to 52.4 (consensus 52.3). While global market volatility and EM demand uncertainty remained elevated through much of the month, a depreciating GBP likely helped support the manufacturing sector.
SEK/NOK: The Norway manufacturing PMI is the real risk in this region. While Sweden is likely to continue showing underlying strength with a relatively flat reading of 55.4 on the month (well into expansion territory; consensus is 55.0), we see weak lagged new orders and spillovers from the poor German confidence data leading to a fairly marked deterioration in Norway, with a decline to 46.0 from January’s 49.2 (consensus 48.0), leaving manufacturing well in the contraction zone.
EUR: Final manufacturing PMIs are out for Germany, France, and the euro area. We and consensus expect no notable revisions. The unemployment rate is expected to hold at 10.4%, though we see risks that it could come in at 10.3%.”