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Eurozone: Service and composite PMIs as per expectations - BBH

Analysts at BBH note that the final Eurozone service and composite PMIs were spot on the flash readings.  

Key Quotes

“However, the data had some new news.  German service PMI was revised to 54.3 from 54.9.  It was 54.7 in October, but surprisingly it is now lower than it was last November (when it was at 55.1).  Owing to the strength of manufacturing, the composite PMI is at a lofty 57.3 (57.6 flash and 56.6 in October).  French service and composite readings were revised slightly higher from the flash readings.”  

“Italy also report strong data, while Spain was more mixed, but the composite ticked up.  The disappointment of the day though comes from the eurozone October retail sales.  It fell 1.1% on the month.  Economists were looking for a 0.7% decline.  The data means that European retail sales grew only 0.4% over the past year, despite falling unemployment and among the strongest growth seen in over a decade.”  

“For the better part of two weeks now, the euro has been consolidating its recovery in the first several weeks of November.  It has found support near $1.1800 and has struggled to finish the North American sessions above $1.19.  The near-term price action may be guided by the uptrend line drawn off the November 7 low, and several lows since then, and comes in near $1.1840 today.  It was tested and held in early Europe today.”  

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