It’s been a mixed morning for the eurozone so far, with German manufacturing PMI exceeding expectations, but French and Italian figures coming in slightly lower than the markets had thought. German retail sales tomorrow will give us a further idea of the health of the eurozone’s biggest economy, and investors looking to Spain will be interested in the country’s tourism arrival figures released on Tuesday.
On Wednesday, we’ll see services PMI for the eurozone as a whole and many of the major countries, and then, on Thursday, eurozone retail sales. German factory orders will be released on Friday.
The ECB’s Yves Mersch said on Saturday in Königswinter interest rates will be kept at their current level until at least the second quarter of next year, highlighting the importance of a long-term strategy. ‘Erratic policy debates of creating short-term stimulus risk undermining that credibility in the long run’, he told the meeting.
