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Euroland: Very weak PMI should spur ECB to cut rates dramatically
Fri, Nov 21 2008, 15:15 GMT
by Søren Dijohn
Overview: Yet again, flash PMI for Euroland fell unexpectedly sharply from the previous all time low, and our below-consensus estimate proved too optimistic. This is clearly worrying - the composite PMI is now signalling close to -0.4% growth q/q (-1.6% annualised). It is clear that Euroland is facing a recession that will last well into 2009.
Published on Fri, Nov 21 2008, 15:17 GMT
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