In the euro area manufacturing PMIs are due for release, and the first estimates of the Spanish and Italian figures will attract most attention. The flash estimate for the euro area and the data released for other countries suggest a slight decline in both countries but still point to higher economic growth.
Unemployment figures for the euro area and Germany are also due for release. We expect both figures to remain unchanged, although the increase in the euro-area unemployment rate has been reversed helped by the periphery countries.
In the US ISM manufacturing will give more insight into whether there is a bigger inventory issue or whether businesses keep producing in the faith that growth will pick up again in the coming months. ISM manufacturing is at a level that to some extent reflects the softness in demand in early 2014. Today we look for a slight rise in ISM manufacturing.
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