Eurozone: Stellar PMI data - ANZ
Analysts at ANZ note that the Eurozone PMI data were stellar – with Germany and France leading the gains and while the surveys probably over-estimate growth, they clearly suggest pressures on capacity are increasing.
“This is important for monetary policy, as it means the hawkish current within the ECB Governing Council will become more vocal. With growth at a decade high and no signs of weakening in sentiment, a soft November’s CPI print shouldn’t have significant implications for the policy outlook. We suggest buying the dips on any miss.”