Euro area PMIs showed a mixed picture in January – Nordea
|Analysts at Nordea Markets offered a quick review of Friday's mixed Eurozone PMI prints for January, which did not show much change in momentum at the start of the year.
Key Quotes:
“The euro area PMIs showed a mixed picture in January. The composite index stood unchanged at 50.9, below consensus. The various sectors and industries are sending mixed messages this month.”
“The manufacturing index came in on the strong side of expectations, at 47.8. Nonetheless, the industry still clearly remains in contractionary territory but gives some signs of improvement as the decline of new work is slowing.”
“The services index on the other hand actually deteriorated to 52.2 from 52.8 last month, against expectations, but still supports the view of a resilient service sector, keeping the economy afloat and driving job creation.”
“Recent optimism around easing trade tensions after the phase one deal between China and the US reflected in financial markets did not take hold in this month’s PMIs. The threat of the US targeting the Euro area in its next trade war measures can put a damper on sentiment this year, but should not stand in the way of a gradual recovery.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.