US: Services PMI (March): 53.8 vs 50.3 expected (prior: 50.6)
- Sentiment has rebounded with higher new demand and firmer activity. Labor and prices remained positive and continue to rise.
US: Manufacturing PMI (March): 49.3 vs 47 expected (prior: 47.3)
- Sentiment has improved on production but weakened on new orders and exports.
- Modest increase in prices with some easing in costs. Modest rise in employment.
Eurozone: PMI Manufacturing (March): 47.1 vs 49 expected (prior: 48.5)
- The flash index has weakened from the prior month, despite some improvement in the supply chain and the auto sector.
- The index has decreased in Germany (from 46.3 to 44.4) but was slightly higher in France (from 47.4 to 47.7).
- New orders were weak while prices remained on the rise despite some easing in costs.
Eurozone: PMI Services (March): 55.6 vs 52.5 expected (prior: 52.7)
- The flash estimates have pointed to an increase in business confidence, despite turmoil in banks.
- Sentiment has increased in both France and Germany; by sector, demand was firmer, favoring several sectors such as finance, real estate, industrial services, IT and healthcare.
- As demand remained strong, momentum in prices also stays strong.
Spain: PPI (Feb.): 2.1% m/m (prior: -2.3%)
- Prices have rebounded due to energy prices.
- Yearly trend remained stable at 7.8% y/y.
UK: GFK consumer confidence (March): -36 as expected (prior: -38)
- Sentiment was marginally less negative; opinions have slightly decreased on personal financial situation but were marginally less negative on future economic situation.
UK: Retail sales (Feb.): 1.2% m/m vs 0.2% expected (prior: 0.9% revised from 0.5%)
- Sales (in volume terms) were surprisingly sustained for all categories, except households’ good stores. Discounts and labor have underpinned firm consumption, fuelling upside to inflation in services.
UK: PMI Manufacturing (March): 48 vs 49.7 expected (prior: 49.3)
- First estimates have pointed to slower activity over the month; employment has also turned less favorable.
UK: PMI Services (March): 52.8 vs 53 expected (prior: 53.5)
- Sentiment has marginally decreased from the prior month.