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There were further signs that the trade war and Brexit is having a negative impact on the eurozone’s economy yesterday, with the release of the Markit composite PMI readings. The eurozone’s composite PMI dropped to 52.7 in November from 53.1 the previous month. Although the markets had been expecting a steeper fall, it is the weakest growth since September 2016 and closer to the 50.0 mark which shows stagnation.

Composite and services PMI in Germany was better, with both releases meeting of exceeding expectations. The eurozone’s retail sales had been expected to bounce back in October and so it proved, although the year-on-year figures showed an increase of 1.7%, when 2.1% had been expected by the markets. The month-over-month reading was 0.3%, slightly better than the 0.2% forecast.

Today is a quieter affair for the eurozone, but we will still see German factory orders for October and construction PMI for November. Last month, readings showed that the construction sector in Germany is stagnating, so it will be hoped it can do an about-turn sooner rather than later.

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