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Euroland: Weak Belgium confidence will ifo follow?
Thu, Apr 24 2008, 08:26 GMT
by Allan von Mehren
Whats new? There was mixed data today with Euroland PMI weaker for manufacturing, but the German PMI was still quite strong with a robust improvement in the Service sector.
Belgium business confidence data was also released today, and surprised strongly to the downside strengthening the case for a slowdown in Euroland manufacturing. The Belgium business confidence index fell from 1.2 to -7.9 (consensus 0.5). As can be seen in the chart below, the correlation between Belgium confidence and ifo expectations index has been quite high. And as in Germany, Belgium manufacturing has been very resilient in contrast with, for example, Spain and Italy.
Published on Thu, Apr 24 2008, 08:28 GMT
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