Eurozone: Better than Expected Flash PMIs - BBH
Research Team at BBH, notes that the flash PMI from the euro area was slightly better than expected.
“The preliminary March manufacturing reading was 51.4. This is in line with expectations and a little higher than the 51.2 in February. It was the first uptick of the.year. The Q1 average was 51.6 compared with 52.8 in Q4 15 and 52.2 in Q3 15. The preliminary service sector PMI increased to 54.0 from 53.3. The consensus was for an unchanged reading. It averaged 53.6 in Q1 averaged 54.2 in Q4 15 and 54.0 in Q3 15.
This translated into a 53.7 composite reading. This is up from 53.0 in February and what the consensus expected. It is the best reading of quarter.
Separately, the two German surveys, the IFO and ZEW were released. The IFO was reported a little stronger than expected while the ZEW was a bit softer than expected. The former is regarded as more comprehensive while the latter seems to track more closely investor sentiment. These surveys coupled with the flash PMI suggests the tumultuous start of the year for the financial markets have not derailed the largest European economy.”
(Market News Provided by FXstreet)