Eurozone: Focus on PMIs and ECB Minutes - TDS

Analysts at TDS suggest that the flash Eurozone PMIs for November are released, in addition to the ECB minutes which are likely to garner maximum investors’ attention for today’s session.

Key Quotes

“For Germany, with the manufacturing index sitting at its highest level since 2011, we look for little change from its prior reading of 60.6 (mkt 60.4). For the French services number though, we still see room for a bit more upside and look for it to rise from 57.3 to 57.8 (mkt 57.0).”

“Later on in the day we also get ECB minutes from the October meeting. But with that meeting’s big “downsizing” QE announcement, there probably isn’t much new information to come. Draghi told us at the time that it was only a “large majority” that wanted to leave QE open-ended, but we’ve already had the “minority” come in out subsequent speeches/interviews to let their views be known. The only information that we’re waiting for in Dec is some of the QE details, like the fraction of purchases going to government bonds vs corporates, so look for a muted market reaction.”

“The second reading of German GDP is also released, where we’ll get a bit more detail after the strong initial print of 0.8% q/q. On the speaking circuit, we have Villeroy at noon at 18:30 GMT, Coeuré at 18:15.”

“UK: Today we get the second reading of Q3 GDP, which is expected to remain unchanged from its initial print at 0.4% q/q, along with more details.”