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2 Jan 2015
Key data ahead: Focus to be on manufacturing PMIs in Europe – Danske
FXStreet (Barcelona) - The Danske Bank Research Team highlights the key data ahead, noting that focus will be on the first estimates for manufacturing PMIs in Italy and Spain.
Key Quotes
“In Europe the main focus will be the release of manufacturing PMIs. The most interesting releases are the first estimates for the manufacturing PMIs in the peripheral countries including Italy and Spain. We expect the manufacturing PMIs to have stayed broadly flat in both Italy and Spain and the overall picture remains that the recovery in Italy is trailing Spain's recovery severely.”
“In the US we expect manufacturing ISM to have declined to 57.7 in December from 58.7 in November. ISM is in our view currently at an elevated level and our models suggest that a fair level for manufacturing ISM is about 55. The regional manufacturing surveys have on balance also been weak, suggesting that manufacturing ISM could have declined in December.”
“In Scandinavia focus will be on the release of manufacturing PMI for December in Sweden. We expect it to have improved slightly to 53.0 in December on the back of the slight improvement we have seen in the rest of Europe so far.”
Key Quotes
“In Europe the main focus will be the release of manufacturing PMIs. The most interesting releases are the first estimates for the manufacturing PMIs in the peripheral countries including Italy and Spain. We expect the manufacturing PMIs to have stayed broadly flat in both Italy and Spain and the overall picture remains that the recovery in Italy is trailing Spain's recovery severely.”
“In the US we expect manufacturing ISM to have declined to 57.7 in December from 58.7 in November. ISM is in our view currently at an elevated level and our models suggest that a fair level for manufacturing ISM is about 55. The regional manufacturing surveys have on balance also been weak, suggesting that manufacturing ISM could have declined in December.”
“In Scandinavia focus will be on the release of manufacturing PMI for December in Sweden. We expect it to have improved slightly to 53.0 in December on the back of the slight improvement we have seen in the rest of Europe so far.”