{"id":10160,"date":"2019-03-07T17:33:06","date_gmt":"2019-03-07T16:33:06","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=10160"},"modified":"2019-04-19T09:08:07","modified_gmt":"2019-04-19T08:08:07","slug":"eurozone-growth-showing-signs-of-stabilising","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-growth-showing-signs-of-stabilising\/","title":{"rendered":"Eurozone: growth showing signs of stabilising"},"content":{"rendered":"<h1>Chart of the week<\/h1>\n<p>February\u2019s Eurozone composite PMI rose a welcome 0.9 points from 51.0 to 51.9 following five straight falls in a row. However, the upturn masks some significant divergences. While the Manufacturing PMI continued its descent to reach 49.3, a record low since June 2013, the Services PMI rose to 52.8, following two stable months. The composite PMI is currently in line with a Eurozone growth rate slightly exceeding 1% for the first quarter of 2019, up from +0.9% in the previous quarter.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-10166\" src=\"https:\/\/lazardfreresgestion-tribune.com\/wp-content\/uploads\/\/2019\/03\/08032019-3.png\" alt=\"\" width=\"1052\" height=\"564\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/08032019-3.png 1052w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/08032019-3-300x161.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/08032019-3-768x412.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/08032019-3-1024x549.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/08032019-3-600x322.png 600w\" sizes=\"auto, (max-width: 1052px) 100vw, 1052px\" \/><\/p>\n<p><b>OUR<\/b> <b>ANALYSIS<\/b><\/p>\n<p>The PMI surveys would seem to imply that, rather than faltering, the Eurozone\u2019s weak expansion from the final quarter of 2018 is set to continue into the first quarter of 2019. The disappointing pace will automatically lead most financial institutions to revise their annual growth forecasts downwards, but momentum can be expected to pick up in the quarters ahead.<\/p>\n<p>Several external factors that have dragged on Eurozone activity (auto sector disruptions, Italian political uncertainties) are now dissipating. In addition, household purchasing power will get a boost from faster salary increases and lower oil prices, and fiscal policy is set to be more supportive. Finally, the launch of a fresh round of targeted longer-term refinancing operations by the ECB, starting in September 2019, should also underpin growth.<\/p>\n<p>&nbsp;<\/p>\n<p><em>The opinion expressed above is dated March 7th, 2019, and liable to change.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the week February\u2019s Eurozone composite PMI rose a welcome 0.9 points from 51.0 to 51.9 following five straight&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":10177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148,1274],"tags":[],"class_list":["post-10160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","category-graphique-de-la-semaine-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eurozone: growth showing signs of stabilising &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"Eurozone: growth showing signs of stabilising Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-growth-showing-signs-of-stabilising\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eurozone: growth showing signs of stabilising &#8211; 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