CHART OF THE WEEK
March’s final PMI releases indicate that economic conditions remain unperturbed by political uncertainty in the Eurozone. The composite PMI index remains on its upward path, and at 56.4 has reached its highest level since April 2011. The rise benefits both the manufacturing and services sectors.
Economic data for the first few months of 2017 paint a robust growth picture across the board, including industrial output, retail, and car sales. Whilst consensus expectations are for 1.6% growth in the first quarter, current composite PMI readings are consistent with past growth rates of between 2.0% and 3.0% year-on-year.
The opinion expressed above is dated April 10th, 2017, and is liable to change
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