CHART OF THE WEEK
According to preliminary estimates, the PMI indices suggest that the sharp market falls seen at the beginning of the year do not seem to have had lasting effects on business volumes. The composite PMI rose slightly above its January level to 53.7. The upturn was marked in services (+0.7 to 54.0) and more modest in manufacturing (+0.2 to 51.4). Within the Eurozone manufacturing PMI, France surprised negatively with a 0.6 point decline to 49.6. 
Our analysis
Overall, together with the good data published in January (manufacturing output rose 2.1% during the month and construction rose 3.6%), these figures indicate that Eurozone growth should stay on the right track.
The opinion expressed above is dated March 25th, 2016 and is liable to change.
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