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5 Jun 2013
Flash: Eurozone extends daily disappointment - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that the Eurozone continued the disappointing theme of the day and the better than expected manufacturing PMI reports were not repeated in the service sector.
They write, “The pan-EMU service PMI came in at 47.2 compared with the 47.5 flash reading, which the Markit compilers say points to a 0.2% GDP contraction here in Q2. Germany's final reading was a touch below the flash reading at 49.7 from 49.8. France was steady at 44.3. Italy reported an unexpected decline to 46.5 from 47.0 and, of note, new business was at its lowest level for the year.”
They write, “The pan-EMU service PMI came in at 47.2 compared with the 47.5 flash reading, which the Markit compilers say points to a 0.2% GDP contraction here in Q2. Germany's final reading was a touch below the flash reading at 49.7 from 49.8. France was steady at 44.3. Italy reported an unexpected decline to 46.5 from 47.0 and, of note, new business was at its lowest level for the year.”