Decline in Eurozone PMIs Keeps ECB in Holding Pattern
Dow Jones10-23 20:28
1228 GMT - Eurozone PMIs came in below expectations in October as French activity deteriorated, keeping the European Central Bank on course to hold rates next week, ABN AMRO Investment Solutions' Christophe Boucher says. The decline to 51.9 in October form 53.1 in September marks a pause in momentum after economic activity had shown solid strength over recent months, he says. The surveys' input price components unsurprisingly moved higher, though this does not put a rate hike by the European Central Bank back on the table for next week. The central bank is unlikely to add further stress to an already fragile environment, Boucher says. Given the recent rise in long-term yields, it is expected to remain on hold, he says.
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