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The latest manufacturing and services purchasing managers index for the eurozone came in better-than-expected – although some countries are still struggling – at 53.9, while the services survey came in at 51.9. Both are an increase on December’s figures.
In recent weeks France has been falling, although today’s figures suggest it is on the mend. Its manufacturing and services reports came in at 48.8 and 48.6 respectively, which is still in contraction territory but, again, an improvement on December’s figures.
Spanish equities are performing relatively well as the country has exited the international bailout programme. Although €100 billion was allocated to shore up the Spanish banking sector, just over €41 billion was required. Spanish unemployment remains stubbornly high, however, which could come back to haunt them.