Another round of economic data from the Eurozone this morning and another pleasing surprise. The European services PMI numbers were just released and they beat the expectations once again. Apart from the Italian services report which came out slightly below consensus, all the other numbers, including the whole EU services PMI, came out much better than expected.
Even the Spanish unemployment declined by twice the amount it was expected to. These are good readings, but the headline is in brackets because the services PMI must be above 55-56 points so we can say it´s marching on without being sarcastic.
Still, they´re pretty good numbers considering the situation a year ago and we also had some impressive numbers from the Eurozone yesterday as well. The German inflation numbers, which slipped past us yesterday, beat expectations by quite some margin. That´s blasphemy in Germany.
I don´t know why the Germans haven´t jumped off their chair yet about this (unless I´ve missed something overnight) because there´s nothing they hate more than high inflation. Yesterday, the regional and the entire German inflation report showed a quick pickup. Most of the numbers were nearly twice as big as the previous readings.
Yesterday´s German inflation numbers and today´s services PMI are in line with the other positive readings we have received from the EU. These positive readings from the Eurozone are coming up pretty often nowadays. The ECB are taking notice and the Germans will be screaming for higher interest rates soon, so the tide is shifting. Just don´t get caught up by it when it shifts completely.
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