Eurozone PMI and ECB Minutes in focus - Danske Bank

In the euro area the PMI figures for November are due for release after manufacturing PMI rose steadily throughout 2017 and reached 58.5 in October from 58.1 in September, points out the research team at Danske Bank.

Key Quotes

“It is now strikingly close to the 59.0 post-crisis peak reached in February 2011. While survey expectations indicators point towards further increases with rising consumer confidence and high Ifo and ZEW expectations, we expect only a moderate increase as the euro appreciation in 2017 could have started to act as a drag on export orders. Thus, we expect manufacturing PMI to increase to 58.7 and service PMI to increase to 55.2.”

“The ECB minutes from the October meeting are also due for release today. At the October meeting, the ECB extended its QE programme for another nine months in 2018 but scaled down the monthly purchases to EUR30bn. In the minutes, focus will be on the Governing Council's discussions regarding whether to put a definite end date to the QE programme, which might give insights regarding the likelihood of a possible tapering starting in Q4 18.”